Hash Rate Back Above the .618 Fibonacci Resistance

Hash-Rate-Back-Above-the-618-Fibonacci-Resistance

For any Fibonacci Retracement fans among us, note that hash rate has broken through resistance at the 0.618 level. To the extent this matters at all, it is an encouraging sign for #BTC's hash rate, which serves as a proxy for network health and security. After the 70% retracement in May due to the China mining ban, #BTC's hash rate has recovered 45% of that loss, now "only" about 25% below its all-time high (ATH). With hash rate trending higher, it should reach a new ATH before year end.