Bitcoin on Recovery Path as Miners Resume Operations: Glassnode

13 July 2021 | Updated: 13 July 2021

On-chain analytics company Glassnode recently reported on the Bitcoin (BTC) network, noting that it is, fundamentally, in a healthy state despite the vacillating price action. The analytics provider revealed that we are in an “impressively quiet week,” as BTC remained range-bound between $34,900 and $32,500. Glassnode noted that:

“It is starting to feel like the calm before the storm as muted and quiet activity appears across both spot, derivative, and on-chain metrics.”

Meanwhile, the company revealed that miner accumulation is on a steady climb as the miner net position change metric flips back to accumulation mode. The on-chain analytics firm noted that:

“This indicates that what sell-side pressure is coming from offline miners is more than offset by accumulation by the operational miners.”

According to Bitinfocharts, Bitcoin’s hash rate recorded a goodish uptick since it fell to a near 2-year low on June 28, when it plunged to 68 EH/s. Currently, BTC’s hash rate has increased by 32% since its June 28 crash to 90 EH/s. This recovery suggests that about a third of hash power has returned online since the dip.

Glassnode asserted that this recovery is a sign that miners in China have successfully migrated to other conducive work environments and have resumed operations.

Key Bitcoin Levels to Watch — July 13

After touching the $34,700 level yesterday, Bitcoin suffered a sharp rejection to the upper-$32k levels. Currently, the primary cryptocurrency has clawed its way back up above the $33k level, as bulls focus on clearing the $33,700 – $34,000 axis.

BTCUSD – 4-Hour Chart

That said, BTC currently trades within an adjusted wedge with the $34k psychological resistance and $32,700 serving as key target points for bulls and bears. A move through either of these levels could ignite a sustained push in that direction.

Meanwhile, our resistance levels are at $33,700, $34,000, and $35,000, and our key support levels are at $33,000, $32,700, and $32,000.

Total Market Capitalization: $1.37 trillion

Bitcoin Market Capitalization: $622.7 billion

Bitcoin Dominance: 45.5 %

Market Rank: #1

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.