Bitcoin bounces off 6-week low | news

Bitcoin price has rebounded from its one and a half month low of $ 40,200 earlier this morning to $ 43,000 on hopes that the impact of indebted construction company China Evergrande Group can be contained. The latest on-chain data is also raising market sentiment. According to Glassonde, Bitcoin cutters are piling up their supplies as the network’s hash rate continues to recover. Recent data showed that miners have hoarded 14,000 BTC worth about $ 600 million since February. The report also notes that miners will retain a greater portion of their rewards in 2020 and 2021 than in previous market cycles. Miners typically sell BTC to cover their expenses, including electricity and equipment. Bitcoin hash rate has risen from a local low of 90 exahashes in late June to 137 exahashes, but is still 34% below the record high of 184 exaches last hit in May.

Miners continue to collect bitcoin as the network’s hash rate rebounded over the past quarter. Source: Glassnode

Bitcoin price fell to $ 40,200 during Asian trading but was pushed back by renewed buying pressure. The price is approaching the main resistance at $ 44,000, which coincides with the 38.2% Fibonacci retracement of the last upswing and previous price reactions. Should an upside break occur, the upside move could accelerate towards the next resistance at $ 47,000. Source: xStation 5

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