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  • Bitcoin is hovering around $8,700 while SMA200 serves as initial resistance.
  • Bitcoin’s hash rate has increased strongly and hit an all-time high.

BTC/USD has recovered from the intraday low of $8,431 to trade at $8,700 at the time of writing. The first digital coin is moving fast to SMA200 daily at $8,735. This barrier has capped the upside since February 27.

BTC/USD is moving within the current range with short-term bullish bias; however, the further upside may be limited by $8,800. This resistance stopped the recovery during the weekend and served as a reversal point for the short-term players. A sustainable move above this barrier is needed to take the price towards psychological $9,000 and SMA50 daily located on the approach to $9,300.

BTC/USD daily chart

Bitcoin’s hash rate on the rise

Bitcoin halving is 70 days away, but the mining difficulty is growing strongly, which is regarded as a positive development that indicates the network health and high security level. On February 11, Bitcoin’s mining difficulty hit an all-time high of 15.52 TH/s, indicating a high competition to solve the blocks for block rewards. 

Meanwhile, the hash rate hit a new all-time high at 136.2 TH/s. This is a parameter that describes how many power is needed to mine a block and it is closely connected with mining difficulty. The more people participate in the process the higher is the hash rate. 

The overall network hash rate has been growing steadily since the beginning of the year, though the recent spike marks a sharp increase. According to the hash rate distribution data, Poolin retains a dominant position with 17%. It is followed by F2Pool (16.8%) and AntPool (11.1%).