Bitcoin Hash Rate Hits Record Average High Defying BTC Price Bears

An essential Bitcoin metric has hit a new all-time high as miners pledge ever more computing power to securing the network.

Data from various resources including Blockchain confirms that on July 6, Bitcoin's seven-day average hash rate reached a new peak.

The achievement follows several weeks of hash rate growth, with the seven-day average at 123.4 EH/s as of Monday.

Hash rate is an estimate of how much computing power miners are devoting to processing Bitcoin transactions.

Cointelegraph regularly reports on hash rate changes, along with Bitcoin mining difficulty, which is also on the rise after around a month of stagnation.

BTC price sits at weak 50DMA. Rising fundamentals currently contrast with the relative lack of support for Bitcoin price bulls.

Summarizing the situation, Cointelegraph Markets analyst filbfilb highlighted that those levels represent Bitcoin's 50-day moving average.

"Bitcoin Failed to reclaim that 9300 level last night. The 50 DMA is again the test for Bitcoin, sat at 'support' on the 9250 level but the previous 2x times this failed in the exact same situation," he told subscribers of his Telegram trading channel.

Bitcoin has shown strong correlation to the S&P 500, with PlanB this week forecasting BTC hitting $190,000 if the index passes 4,000 points.

Realized volatility is at lows not seen since November 2018 - just before a huge sell-off sent Bitcoin to lows of $3,100.