Coinspeaker
Apr 7, 2025
3 0

Bitcoin Price Drops Nearly 8% to $75,053 Amid Hashrate Milestone

Bitcoin's price dropped nearly 8% in 24 hours, falling to $75,053 after failing to hold above $80,000.

Hashrate Milestone

  • Bitcoin's hashrate surpassed 1 Zetahash per second (ZH/s) for the first time, peaking at 1.025 ZH/s.
  • Coinwarz reported a hashrate of 1.1 ZH/s on April 4.
  • The network processes over 1,000 Exahashes per second, a 1,000x increase since January 2016.
  • This milestone enhances Bitcoin's resilience against 51% attacks and shows increased decentralization.

Market Activity

  • Trading volume surged by 257.99%, indicating high selling pressure.
  • Technical indicators show Bitcoin is in a fragile state with strong resistance at the 20-day EMA of $83,206.
  • The Relative Strength Index (RSI) is at 34.11, just above oversold territory, suggesting continued bearish pressure.

Accumulation Trends

  • 76 new entities holding over 1,000 BTC have joined the network in the past two months, marking a 4.6% rise in institutional interest.
  • Bitcoin is consolidating within a symmetrical triangle pattern, indicating a potential upcoming breakout.
  • The current trading range between $87,000 and $82,000 is viewed as a non-tradable zone, with a possible 14% price move expected upon breakout or breakdown.