The price of Bitcoin failed to capitalize on its recent momentum over the past week, losing its hold above $60,000 yet again in August. As of this writing, the premier cryptocurrency is valued at $59,131, with no significant price change in the past day. Interestingly, the Bitcoin price appears to be nearing a bottom and gearing for a rebound, according to the latest on-chain data. Is Bitcoin Price Resuming Its Bull Run? A pseudonymous analyst on CryptoQuant’s Quicktake platform has revealed a “buying opportunity” for Bitcoin, the largest cryptocurrency in the market. This analysis is based on the changes in the Bitcoin hash price in the last few weeks and its potential implications on the BTC price. Related Reading: Bitcoin’s Sudden Drop: Could This Be a Setup for a Massive Rally? Analyst Weighs In The hash price measures the daily revenue generated by BTC miners per terahash per second (TH/s). This metric is calculated by dividing the total daily revenue of miners by the network hash rate. The hash price basically estimates miners’ profit based on th ..
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