Bitcoin Price Analysis - Volatility drops amid extended consolidation

Technicals suggest a lull in volatility with extended price consolidation on dwindling volume. Even so, trend metrics on the daily have now reset and are suggestive of continued bullish price action over the next few weeks.

Bitcoin (BTC) is a decentralized digital currency that was released by Satoshi Nakamoto in 2009. The BTC market cap currently stands at US$192 billion, with US$6.24 billion traded in the past 24 hours. The current spot price is down 47% from the all-time high established in December 2017. On-chain metrics have increased slightly this week, with the amount of BTC moved on the blockchain up 10% when compared to last week.

Both the network hash rate and difficulty have continued to post new record highs over the past few weeks, which may reflect new ASICs being manufactured and relatively cheap electricity currently available in China. The previous hash rate record occurred in November 2018, and preceded a 50% drop in price over the following month.

The BTC network is secured by the SHA-256 consensus algorithm. Three SHA-256 ASIC miners were released this month; the MicroBT Whatsminer M20S, the MicroBT Whatsminer M21, and the Bitmain Antminer S9k (13.5Th). Fifteen new ASICs have been released since January this year. The most profitable miners are currently; the MicroBT Whatsminer M20S, the ASICminer 8 Nano Pro, and the Bitmain Antminer S17 Pro (53Th).

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