Cryptocurrencies

Bitcoin (BTC) on September 8, 2020

It’s like losing the 5 digits is too big a sacrifice for the bulls; the latter continue to stubbornly defend them as Bitcoin (BTC) visits the $ 9,000 club more and more often. The current relatively bad form of Bitcoin is not reflected in its fundamentals which seem to indicate the opposite. In the markets, the lights are red but behind the scenes, the lights are green.

Bitcoin doesn’t care about $ 10,000

Data from Glassnode show that the average hashrate of Bitcoin over 1 day reached a new ATH and this, although the BTC can now permanently lose the 10,000 USD.

However, miners do not seem to be affected by the current market situation. The average daily hashrate reached a new high of 156 EX / s since 3th halving of Bitcoin of May 11, 2020.

ATH hashrate BTC Glassnode

Source : Image via Twitter

The miners therefore continue to dig, they did not drop their pickaxes although the recoil of Bitcoin of $ 12,000 at its current level, is causing them to lose money for the time being.

Data from Glassnode also show the improvement of 2 other fundamentals of Bitcoin. The average number of transactions BTC over 1 day experienced a 28.2% increase in 24 hours.

Glassnode increasing number of Bitcoin BTC transactions

Source : Image via Twitter

The average daily volume of transactions BTC also just hit a new ATH at 130 110.62 BTC, its highest for 1 year now.

ATH transaction volume Bitcoin BTC Glassnode

Source : Image via Twitter

We are not moving forward and that weakens the 5 figures

Bitcoin made 2 more crosses below $ 10,000 today, September 8, 2020. The bulls are stubbornly defending this support line but, will they withstand these repeated tests of $ 10,000 for long?

Bitcoin remained near its open level this trading week; this immobility is more beneficial to bears, which will end up having 5-digit skin, than to bulls.

The BTC Trading at $ 10,179 as of this writing, its rise is again being held back by the resistance zone of $ 10,200 – $ 10,300.

Will the bulls defend the $ 10,000 all the way before the bull rally resumes? The fundamentals are doing wonderfully, but for the moment they are no match for the strength of the bears who also seem to be determined to bring Bitcoin back to the 4-digit club. The Whales have not made a move yet. The next one could be either lifesaving or fatal for the 5 figures.


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