The problem of the Bitcoin network has reached its peak in the midst of price volatility
In the year As of August 2, 2024, the Bitcoin network has reached a record 90.67 trillion. Bitcoin's hash rate reached a record high of 677 EH/s on July 27, boosting network security. The Bitcoin RSI at 44 suggests possible oversold conditions; The price can try 58,000 dollars
According to data from CoinWarz, Bitcoin has set a new record for network difficulty.
This milestone represents a significant recovery after three months of declining difficulty, reflecting renewed confidence among miners in the cryptocurrency network.
The increased difficulty means that mining new blocks of Bitcoin now requires more computing power, which could raise operational costs and affect the volatility of Bitcoin's future supply and pricing.
Bitcoin hashrate has reached an all-time high
On July 27, Bitcoin's hashrate rose to 677 EH/s, indicating a strong and secure network infrastructure. This high level indicates intense competition between miners and strengthens the network's strength along with potential security risks.
A higher hash rate not only increases mining activity, but also has the potential to positively impact Bitcoin's price by boosting investor confidence.
The price of BTC increases with bear pressure
Currently, Bitcoin is trading at $63,103.42, a 0.17% increase in the last 24 hours. The cryptocurrency is fluctuating between $62,248 and $65,593, suggesting a mild recovery direction despite recent volatility.
If this trend continues, Bitcoin will clear the $62,000 resistance level, which could pave the way for new highs.
However, Bitcoin's relative strength index (RSI) is at 44.64, which indicates that the cryptocurrency is approaching oversold conditions.
A declining RSI indicates that the bullish momentum is slowing, and if bearish forces strengthen, Bitcoin may test the next support level at $58,000. If market pressure continues, further declines may follow.
In general, Bitcoin's increasing network complexity and hashrate highlight an intense and competitive mining environment. As Bitcoin goes through continuous price volatility, these factors are important to assess the health and safety of the network.
