Bitcoin holds ground above $9,200. Two metrics suggest a move toward $12,000 is coming. The cryptocurrency has held this region for two months, establishing it as a floor. Sellers can push the price
Bitcoin holds ground above $9,200. Two metrics suggest a move toward $12,000 is coming.
The cryptocurrency has held this region for two months, establishing it as a floor. Sellers can push the price to $9,000 or lower to $8,600 in the near term, but the indicators point up.
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Network hash rate jumped to 123 exahashes over the past week, an all-time high for the seven-day moving average. The 30-day average sits at 114 exahashes, the second-best reading on record. More computing power means more miners switched their rigs on and are competing for block rewards.
Those miners are stacking coins instead of selling them. Over the past week, miners accumulated a net 790 bitcoins, against an average of 340 bitcoins during the previous one to five weeks. The Miner's Rolling Inventory metric tracks this behavior. Three months ago it was 100.4%. Today it stands at 94.97% over the past five weeks, and 88.6% for the most recent week. The lower the number, the more miners hoard.
Miners hold coins when they expect price gains. The signal is clear.
Bloomberg has documented a surge in institutional investor demand. Unique address count on the network, a key adoption metric, has climbed back to 2019 levels. That 2019 pattern matters. When those addresses surged before, bitcoin moved toward $12,000 before consolidating in the February 2018 range. Traders are wondering if bitcoin is undervalued right now.
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
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