Analyst: Bitcoin Hash Price Indicator Rebounds, Historically a Bullish Signal

BlockBeats News, January 22nd, Coindesk analyst James Van Straten stated that Glassnode data shows the Hash Price indicator has reached 62 PH/s, which historically is a bullish signal.

It is reported that the Hash Price is an indicator created by Luxor to measure mining profitability. For most of 2024, mining revenue was below the 365-day moving average (SMA). It was not until November that it returned to this moving average.

Bitwise Europe research director Andre Dragosch also stated that miners' condition is healthier than last year. He observed a recent decline in the Bitcoin network hash rate since the historic highs in early January. Meanwhile, Bitcoin's price has been rising, and overall transaction volumes have rebounded. This has led to a recovery in the hash price, which should technically incentivize miners to continue increasing the hash rate. Overall, looking at the continuous increase in Bitcoin miner holdings since the beginning of the year, Bitcoin miners seem to have sufficient capital, indicating that miners are selling fewer bitcoins per day than they are mining.