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

On January 22nd, Coindesk analyst James Van Straten pointed out that according to Glassnode data, the Hash Price indicator has reached 62 PH/s, and historically, this is a bullish signal. It is reported that the Hash Price is an indicator created by Luxor to assess mining profitability. For the majority 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's research director Andre Dragosch also stated that the miners' situation is healthier than that of last year. He noticed a recent decline in the Bitcoin network hash rate since the historical highs in early January. Meanwhile, the price of Bitcoin has been on the rise, and the overall transaction volume has rebounded. This has led to a recovery in the hash price. Technically speaking, this should encourage 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.