Macro Indicators Predict BTC Rally as Bitcoin Price Volatility Sees 3-Year Low
Data from Blockchain.com shows the hash rate of the Bitcoin blockchain network hit a new record high on July 8, reaching 125.99 million terahashes per second. According to a chart published by Bitcoin trader “Nunya Bizniz,” the price of BTC historically saw extended ranges after a halving, which have led to substantial rallies in the past.
Source: Woobull.com Various data points suggest that long-time investors in Bitcoin are increasingly holding onto BTC as the market sees a consistent inflow of new investors. Likewise, Rafael Schultze-Kraft, chief technical officer of on-chain market analysis firm Glassnode, agrees based on on-chain data points: Researchers at Glassnode found that external market forces are seemingly slowing Bitcoin’s uptrend, as Liesl Eichholz, who is responsible for growth strategy at the company, wrote in a newsletter: “External market forces such as systemic uncertainty and unknown correlations with traditional markets may prevent BTC from breaking out at this stage, but signals remain strong nonetheless.”