The leading cryptocurrency once again maintained its price dynamics, remaining at the level 10,000 to 11,000 dollars. Bitcoin inability to break through seems due similar hesitation to S&P 500.
Analyzing futures, analysts are prone to bearish positions on Bitcoin. But, this may not last long as there are fundamental and intra-network trends that may push market crypto growth in the medium and long term.
There is two bearish indicators related the number of active bitcoin wallet and number of large BTC transactions. Decrease in Bitcoin network growth may be due to slow price movement in the cryptovoltaic market. Bitcoin stay flat, traders do not feel much desire to send capital to and from the exchanges. Demand for network transactions increases during periods of instability.
Still, the potential reason why the market is crypto stay flat, as showed by neutral and bearish funding rates and tough price action, related to the uncertainty surrounding the upcoming U.S. presidential election.
But the Bitcoin network hashrate continued to grow last week.
The hashrate, represented by the 7-day SMA, increased by 7.5 % over the week. The S19 have started going for sale and these machines with higher efficiency connect even at the current level of profitability of 8 cents per Th/s.
