{"id":6845,"date":"2019-07-08T11:52:42","date_gmt":"2019-07-08T08:52:42","guid":{"rendered":"https:\/\/forklog.media\/?p=6845"},"modified":"2019-07-08T11:52:42","modified_gmt":"2019-07-08T08:52:42","slug":"bitcoin-hovers-below-11500-as-hash-rate-and-mining-difficulty-hit-new-all-time-highs","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitcoin-hovers-below-11500-as-hash-rate-and-mining-difficulty-hit-new-all-time-highs\/","title":{"rendered":"Bitcoin Hovers Below $11,500 as Hash Rate and Mining Difficulty Hit New All-Time-Highs"},"content":{"rendered":"<p>Bitcoin (BTC) is changing hands at around $11,450 on Monday, mostly unchanged since the beginning of the Asian session, and could be preparing for the next major move either above $11,500 or towards $10,800.<!--more--><\/p>\n<p>If there is a successful close above $11,500 and $11,650 resistance levels, the bulls are likely to take control and push the price towards the $12,000 and $12,400 levels in the coming days.<\/p>\n<p>On the downside, the initial support is created by a confluence of the lower boundary of the triangle pattern, SMA100 (Simple Moving Average) and the middle line of Bollinger Band on 4-hour chart. This strong barrier is closely followed by a critical $11,000 and the lower boundary of 4-hour Bollinger Band. The next support level is at $10,400.<\/p>\n<div id=\"attachment_6849\" style=\"width: 830px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/forklog.com\/en\/wp-content\/uploads\/2019\/07\/Coin360-190708.png\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-6849\" class=\"wp-image-6849\" src=\"https:\/\/forklog.com\/en\/wp-content\/uploads\/2019\/07\/Coin360-190708.png\" alt=\"Bitcoin Hovers Below $11,500 as Hash Rate and Mining Difficulty Hit New All-Time-Highs\" width=\"820\" height=\"351\" srcset=\"https:\/\/forklog.com\/en\/wp-content\/uploads\/2019\/07\/Coin360-190708.png 1536w, https:\/\/forklog.com\/en\/wp-content\/uploads\/2019\/07\/Coin360-190708-300x129.png 300w, https:\/\/forklog.com\/en\/wp-content\/uploads\/2019\/07\/Coin360-190708-768x329.png 768w, https:\/\/forklog.com\/en\/wp-content\/uploads\/2019\/07\/Coin360-190708-1024x439.png 1024w, https:\/\/forklog.com\/en\/wp-content\/uploads\/2019\/07\/Coin360-190708-470x201.png 470w\" sizes=\"auto, (max-width: 820px) 100vw, 820px\" \/><\/a><p id=\"caption-attachment-6849\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/coin360.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Coin360<\/a><\/p><\/div>\n<p>Considering that the area both above and below the current price is packed with strong technical levels, a sustainable move in either direction might trigger a strong movement.<\/p>\n<p>Some analysts, however, are saying short-term behavior could point to lower lows in the coming days and weeks.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p dir=\"ltr\" lang=\"en\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> Weekly Close<\/p>\n<p>Bitcoin closed below the resistance while at the same time tapped the tippy top of the support near $9,614<\/p>\n<p>With lower-highs on the 4 hr chart, I&#8217;d look to lean bearish as we start the week<\/p>\n<p>But you know that you&#8217;d love to buy more BTC and crypto under $10k \ud83d\ude42 <a href=\"https:\/\/t.co\/az2NEBXtNS\">pic.twitter.com\/az2NEBXtNS<\/a><\/p>\n<p>\u2014 Josh Rager ? (@Josh_Rager) <a href=\"https:\/\/twitter.com\/Josh_Rager\/status\/1148059686899507201?ref_src=twsrc%5Etfw\">July 8, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Meanwhile, Bitcoin\u2019s hash rate reached 74,548 EH\/s on Friday, which was a new all-time high. The previous record was broken in the second half of June, when the hash rate reached 65.19 EH\/s and growth has steadily continued since then. By Monday, this estimate fell down to 60.35 EH\/s though.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-6846\" src=\"https:\/\/forklog.com\/en\/wp-content\/uploads\/2019\/07\/hash-rate.png\" alt=\"Bitcoin Hovers Below $11,500 as Hash Rate and Mining Difficulty Hit New All-Time-Highs\" width=\"720\" height=\"405\" srcset=\"https:\/\/forklog.com\/en\/wp-content\/uploads\/2019\/07\/hash-rate.png 720w, https:\/\/forklog.com\/en\/wp-content\/uploads\/2019\/07\/hash-rate-300x169.png 300w, https:\/\/forklog.com\/en\/wp-content\/uploads\/2019\/07\/hash-rate-470x264.png 470w\" sizes=\"auto, (max-width: 720px) 100vw, 720px\" \/><\/p>\n<p>At the same time, Bitcoin mining difficulty, a relative measure of how difficult it is to find a new block, which is adjusted every 2016 blocks as a function of how much hashing power has been deployed by the network of miners, is also at its new all-time high.<\/p>\n<p>Just in the end of June it reached 7.86 trillion, surpassing the previous peak in October 2018, but today the difficulty is already at 7.93 trillion.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-6847\" src=\"https:\/\/forklog.com\/en\/wp-content\/uploads\/2019\/07\/difficulty.png\" alt=\"Bitcoin Hovers Below $11,500 as Hash Rate and Mining Difficulty Hit New All-Time-Highs\" width=\"720\" height=\"405\" srcset=\"https:\/\/forklog.com\/en\/wp-content\/uploads\/2019\/07\/difficulty.png 720w, https:\/\/forklog.com\/en\/wp-content\/uploads\/2019\/07\/difficulty-300x169.png 300w, https:\/\/forklog.com\/en\/wp-content\/uploads\/2019\/07\/difficulty-470x264.png 470w\" sizes=\"auto, (max-width: 720px) 100vw, 720px\" \/><\/p>\n<p>In other words, competition among miners for new blocks as well as overall Bitcoin network security has never been higher.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) is changing hands at around $11,450 on Monday, mostly unchanged since the beginning of the Asian session, and could be preparing for the next major move either above $11,500 or towards $10,800.<\/p>\n","protected":false},"author":1,"featured_media":5636,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"human_written","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[480,923,192],"class_list":["post-6845","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-price","tag-difficulty","tag-hashrate"],"aioseo_notices":[],"amp_enabled":true,"views":"536","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/6845","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=6845"}],"version-history":[{"count":3,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/6845\/revisions"}],"predecessor-version":[{"id":6851,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/6845\/revisions\/6851"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/5636"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=6845"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=6845"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=6845"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}