The bitcoin price is poised for an 'imminent' breakthrough when the Hashrate network reaches a record high
The bitcoin price could witness an impending breakout, according to the latest Glassnode data.
The data company said bitcoin (BTC) has rallied in the past six weeks amid positive onchain activity.
Meanwhile, the BTC network hashrate has continued to grow, with a seven-day average of 123.4 exahash per second (EH / s) on Monday.
In a report published July 6, the Glassnode Network Index (GNI), which measures the overall state of the Bitcoin network, increases one point per week, to 56 points. At the same time, the BTC price dropped from $ 9,125 to $ 9,070, a stability that was largely unexpected.
The index measures metrics like network health, sentiment and liquidity to determine the power of bitcoin's fundamentals. According to the report, the health and affection of the network increased by 3 points and 6 points, respectively. Liquidity decreased by 6 points.
Glass While BTC has been surprisingly stable for the past few months, the indices are pointing to an impending breakout, with the fundamentals still strong, according to Mr. Glassnode.
However, external factors such as bitcoin, an unconfirmed correlation with traditional financial markets mean that uncertainty remains despite positive signals in the market.
The news came as the Bitcoin network hashrate hit a new high this week. According to data from Blockchain, the BTC hashrate or total computing power hit a seven-day average of 123.4 EH / s on July 6, the all-time high. A week earlier, the average was 115.3 EH / s.
An increased hashrate tends to show trust in the network by bitcoin miners. Usually, this leads to an increase in the price of BTC. Over the past few days, bitcoin has risen from around $ 9,070 to $ 9,316 at press time, data from the market shows.
The immediate goal is to break more than $ 10,000 and stay there. Analysts consider this level important to spark BTC's long-awaited rally.
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