“Drop down” seems like a trend for Bitcoin at the moment: From its price ‘dropping down’ over the past few days, with Social Sentiment was also seen dropping since May 19th.
According to data from blockchain.com, the Bitcoin hashrate has dropped significantly over the past few days, recording a rate previously witnessed during November 2020, at press time.
After analyzing price action during the past six hashrate corrections, we were able to identify a mixed bag of results.
At press time, Bitcoin miners haven’t buckled under pressure in terms of selling pressure.
While the past few hashrate corrections have surfaced alongside BTC’s price drop, technically, hashrate should not dictate any major price deviations.
Disclaimer: AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice.