On-Chain Analysis: Hash Rate Regains Highs, Record Transfers on Bitcoin (BTC) Network
BeInCrypto –
In today’s on-chain analysis, BeInCrypto looks at several fundamental indicators that highlight the health of the Bitcoin network: hash rate and mining difficulty ribbon.
In addition, the analysis points to the accelerating total transfer volume of BTC on-chain, which has reached a 5-year high. All this in the context of bullish price action for Bitcoin, which is rebounding strongly and resuming its rally towards a new all-time high.
Bitcoin resumes uptrend
Over the past two months, Bitcoin (BTC) has been consolidating in a range between the bottom at $40,596 and the peak at $52,708. Moreover, these areas are adjacent to the 0.382 and 0.618 Fib retracement levels for the entire downward movement from the ATH at 64,895 reached on April 14, 2021 (yellow line).
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