Bitcoin Hits Historic Milestones amid Massive Crash to $75K
Coinspeaker
Bitcoin Hits Historic Milestones amid Massive Crash to $75K
Market-leading digital asset Bitcoin BTC $75 087 24h volatility: 9.5% Market cap: $1.49 T Vol. 24h: $59.56 B has once again captured the global spotlight after a sharp price crash. BTC fell nearly 8% in the last 24 hours to $75,053 after failing to maintain price action above $80,000.
Meanwhile, the Bitcoin network itself is quietly celebrating a monumental achievement. For the first time in its 16-year history, Bitcoin’s hashrate has crossed the 1 Zetahash per second (ZH/s) mark.
A Milestone in Decentralization
According to data from multiple sources including mempool.space and BTC Frame, Bitcoin’s hashrate surged past 1 ZH/s on April 5, peaking at 1.025 ZH/s.
Coinwarz data even records the hashrate reaching as high as 1.1 ZH/s at block height 890,915 on April 4.
The Bitcoin network now processes over 1,000 Exahashes per second, representing a 1,000x increase since January 2016, when the network first reached 1 EH/s.
For context, Litecoin, the second-largest proof-of-work cryptocurrency, is currently running at just 2.49 Petahashes per second, making Bitcoin about 40,000 times more powerful.
The significance of this milestone cannot be overstated; it enhances Bitcoin’s resilience against potential 51% attacks and underscores the growing decentralization of its mining ecosystem.
Price Plunge amid Historic Highs
According to CoinMarketCap, Bitcoin’s decline has been accompanied by a staggering 257.99% surge in trading volume, reflecting a substantial increase in selling pressure.
On the other hand, technical indicators suggest that Bitcoin is in a fragile state.
Source: TradingView
The 20-day Exponential Moving Average (EMA) at $83,206 currently serves as strong resistance, while the Relative Strength Index (RSI) has dropped to 34.11, hovering just above oversold territory.
The gradient of the RSI line suggests no relief from the bearish pressure. Until BTC reclaims the 20-day EMA, further upwards momentum will be delayed.
Bitcoin Accumulation and Breakout
Analyst Ali Martinez unveiled that 76 new entities holding more than 1,000 BTC have joined the Bitcoin network over the past two months. We can observe a 4.6% rise that signals growing interest from heavyweight players despite price volatility.
In the past two months, 76 new entities holding over 1,000 #Bitcoin $BTC have joined the network. A 4.6% surge that signals rising institutional demand. pic.twitter.com/KsM69JImC2
— Ali (@ali_charts) April 7, 2025
On the other hand, from a technical perspective, Bitcoin appears to be consolidating within a symmetrical triangle, which is a chart pattern characterized by lower highs and higher lows.
Martinez explains that BTC is nearing the apex of this formation, suggesting that a major breakout is imminent.
#Bitcoin $BTC is ready for a big price move! pic.twitter.com/ottMBlJ07M
— Ali (@ali_charts) April 6, 2025
The current trading range between $87,000 and $82,000 is considered a “non-tradable zone”, with any breakout or breakdown likely leading to a 14% price move.
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Bitcoin Hits Historic Milestones amid Massive Crash to $75K
Coinspeaker
Bitcoin Hits Historic Milestones amid Massive Crash to $75K
Market-leading digital asset Bitcoin BTC $75 087 24h volatility: 9.5% Market cap: $1.49 T Vol. 24h: $59.56 B has once again captured the global spotlight after a sharp price crash. BTC fell nearly 8% in the last 24 hours to $75,053 after failing to maintain price action above $80,000.
Meanwhile, the Bitcoin network itself is quietly celebrating a monumental achievement. For the first time in its 16-year history, Bitcoin’s hashrate has crossed the 1 Zetahash per second (ZH/s) mark.
A Milestone in Decentralization
According to data from multiple sources including mempool.space and BTC Frame, Bitcoin’s hashrate surged past 1 ZH/s on April 5, peaking at 1.025 ZH/s.
Coinwarz data even records the hashrate reaching as high as 1.1 ZH/s at block height 890,915 on April 4.
The Bitcoin network now processes over 1,000 Exahashes per second, representing a 1,000x increase since January 2016, when the network first reached 1 EH/s.
For context, Litecoin, the second-largest proof-of-work cryptocurrency, is currently running at just 2.49 Petahashes per second, making Bitcoin about 40,000 times more powerful.
The significance of this milestone cannot be overstated; it enhances Bitcoin’s resilience against potential 51% attacks and underscores the growing decentralization of its mining ecosystem.
Price Plunge amid Historic Highs
According to CoinMarketCap, Bitcoin’s decline has been accompanied by a staggering 257.99% surge in trading volume, reflecting a substantial increase in selling pressure.
On the other hand, technical indicators suggest that Bitcoin is in a fragile state.
Source: TradingView
The 20-day Exponential Moving Average (EMA) at $83,206 currently serves as strong resistance, while the Relative Strength Index (RSI) has dropped to 34.11, hovering just above oversold territory.
The gradient of the RSI line suggests no relief from the bearish pressure. Until BTC reclaims the 20-day EMA, further upwards momentum will be delayed.
Bitcoin Accumulation and Breakout
Analyst Ali Martinez unveiled that 76 new entities holding more than 1,000 BTC have joined the Bitcoin network over the past two months. We can observe a 4.6% rise that signals growing interest from heavyweight players despite price volatility.
In the past two months, 76 new entities holding over 1,000 #Bitcoin $BTC have joined the network. A 4.6% surge that signals rising institutional demand. pic.twitter.com/KsM69JImC2
— Ali (@ali_charts) April 7, 2025
On the other hand, from a technical perspective, Bitcoin appears to be consolidating within a symmetrical triangle, which is a chart pattern characterized by lower highs and higher lows.
Martinez explains that BTC is nearing the apex of this formation, suggesting that a major breakout is imminent.
#Bitcoin $BTC is ready for a big price move! pic.twitter.com/ottMBlJ07M
— Ali (@ali_charts) April 6, 2025
The current trading range between $87,000 and $82,000 is considered a “non-tradable zone”, with any breakout or breakdown likely leading to a 14% price move.
Read More