Bitcoin hashrate and mining difficulty are at all-time high, bullish and bearish price targets, hype around Chainlink and a massive spike in price
Bitcoin hash-rate once again reached a new all-time high as accumulation of bitcoin continues. After halving in May when the mining subsidy was reduced to 6.25 BTC per block hash rate dropped as well. It has since gained momentum and reached 125 (EH/s). Yesterday, network difficulty to mine bitcoin spiked to 17.35 trillion (10%), making it the largest difficulty metric ever.
BTC/USD daily chart
Bitcoin is currently experiencing low volatility and low trading volume. The price action is stalling between the 20 and 50-day moving averages. Biggest target to the downside, retesting support of the falling wedge is now at around $8,800 with the 100-day moving average looking to offer support at $8,900. Breaking out of the pattern to the upside would mean $9,800 as initial target and possibly up to $10,000 if bulls really take over.
LINK/BTC daily chart
Chainlink is one token that seems to be outperforming all others in the past few days. It is now the number 5 cryptocurrency by market cap and there is a lot of buzz surrounding it. Chainlink price went up 96% after it broke out of the triangle pattern and is now at 0.00079 against bitcoin (7,28 in US dollars). After reaching its peak LINK showed a 13% correction, while talks about $100 or even $1000 targets (aka “Moon”) are still going on. At a valuation of $2.5bln and seeing almost $1bln of market turnover in the last 24h, we anticipate a strong move as traders either attempt to buy up against empty order books or trigger a massive correction in a cascade of take-profits.