Based

bullish

Bitcoin

when

<p><a href="https://bitcoinist.com/bitcoin-miner-capitulation-continues-hash-ribbons/">The Bitcoin hashrate</a> recently hit a new all-time high amid a price rebound for the flagship crypto. This development is significant considering what it means for the <a href="https://bitcoinist.com/major-news-events-bitcoin-price/">Bitcoin ecosystem</a> and how it could impact prices going forward.&nbsp;</p> 
<h2 id="bitcoin-hashrate-hits-record-highs">Bitcoin Hashrate Hits Record Highs</h2> 
<p><a href="https://data.hashrateindex.com/chart/bitcoin-network-hashrate" rel="nofollow noopener" target="_blank">Data</a> from the Hashrate Index shows that BTC hit a new all-time high network hashrate of 677 EH/s on July 26, surpassing its previous high of 656 EH/s recorded on May 27. This is based on data from the seven-day <a href="https://bitcoinist.com/is-bitcoin-heading-for-fresh-lows/">SMA (Simple Moving Average)</a>, which miners consider the most accurate estimate.&nbsp;</p> 
<img decoding="async" class="size-medium wp-image-312445" src="https://bitcoinist.com/wp-content/uploads/2024/07/Bitcoin-hashrate.png?w=512&amp;resize=512%2C295" alt="Bitcoin hashrate" width="512" height="295" data-recalc-dims="1"> 
<p>However, the 3-day SMA provides an even more bullish outlook for Bitcoin’s hashrate, with the <a href="https://bitcoinist.com/by-the-numbers-much-profits-bitcoin-whales-miners/">mining output</a> touching a record high of 707 EH/s on July 23. An increase in the <a href="https://bitcoinist.com/bitcoin-hashrate-all-time-high-btc-price-67000/">network’s hashrate</a> usually means more computational power is being added to verify transactions. This makes the network more secure and could also have a significant impact on Bitcoin’s price.&nbsp;</p> 
<p>The hashrate’s impact on BTC’s price most especially comes from the fact that an increase in this metric means that <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-miner-capitulation-comes-to-an-end-time-to-buy-btc/" rel="nofollow noopener" target="_blank">miner capitulation is well over</a> and that there is once again stability among these miners. This miner capitulation refers to when miners begin to offload a significant amount of their Bitcoin holdings and possibly cease to operate due to non-profitability.</p> 
<p>This began after the halving event in April, as miners saw their mining rewards cut in half. This led to a wave of sell-offs among these miners, especially as BTC’s price experienced a downward trend after the halving. Bitcoinist <a href="https://bitcoinist.com/bitcoin-price-tragic-june/">reported</a> that these miners sold over 30,000 BTC in June, which led to massive price crashes for the flagship crypto.&nbsp;</p> 
<p>Meanwhile, the new highs in Bitcoin’s hashrate were to be expected. Bitcoinist <a href="https://bitcoinist.com/bitcoin-rare-buy-signal-130000/#:~:text=Bitcoin%20Rare%20Buy%20Signal%20Returns%2C%20Why%20Price%20Can%20Reach%20%24130%2C000,-by%20Scott%20Matherson&amp;text=Crypto%20analyst%20Mikybull%20Crypto%20has,price%20as%20high%20as%20%24130%2C000.">recently reported</a> the hash ribbon indicator flashing a buy signal, suggesting that capitulation was almost over and that a massive rebound in BTC’s price was imminent.&nbsp;</p> 
<h2 id="btc-is-just-getting-started">BTC Is Just Getting Started</h2> 
<p>Bitcoin is currently enjoying an uptrend. The flagship crypto is again eyeing the <a href="https://www.newsbtc.com/analysis/xrp/bitcoin-bull-run-70000-level/" rel="nofollow noopener" target="_blank">$70,000 price level</a> and looking to flip it as support. Based on recent technical analyses, this should happen soon enough as crypto analysts like <a href="https://bitcoinist.com/bitcoin-gets-156000-price-tag/">Mikybull Crypto</a> predict that BTC could hit a new ATH on this next leg up.&nbsp;</p> 
<p>Mikybull Crypto recently stated that a “crazy rally” was on the horizon for BTC. Based on the chart he shared, the flagship crypto is well-primed to rise to <a href="https://bitcoinist.com/bitcoin-to-over-90000-programmed-money-supply-grows/">as high as $90,000</a> between now and September. He also predicts that Bitcoin could reach as high as $136,000 in the long term as it forms a top for this <a href="https://bitcoinist.com/bitcoin-bull-market-glassnode/">market cycle</a>.&nbsp;</p> 
<img decoding="async" class="size-medium wp-image-312446" src="https://bitcoinist.com/wp-content/uploads/2024/07/Bitcoin-hashrate-2.png?w=512&amp;resize=512%2C291" alt="Bitcoin hashrate 2" width="512" height="291" data-recalc-dims="1"> 
<p>At the time of writing, Bitcoin is trading at around $69,500, up over 3% in the last 24 hours, according to <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="nofollow noopener" target="_blank">data</a> from CoinMarketCap.&nbsp;</p> 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/tVYNyNeS/" alt="Bitcoin price chart from Tradingview.com" width="3286" height="1518">

Bitcoin Hashrate Hits Brand New All-Time High As BTC Price Rebounds

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