Bitcoin price remained in a tight range on Saturday as the hash rate fell, and bearish divergence formed, risking a bearish breakout.
Bitcoin (BTC) was trading at $94,296 at last check as the market reacts to the latest report from the Bureau of Labor Statistics showing that the U.S. economy created over 256,000 jobs. The unemployment rate fell to 4.1%.
As a result, American equities fell, with the Dow Jones and Nasdaq 100 indices falling by 697 and 317 points, respectively.
As crypto.news expected, the bond market continued its sell-off, with the 30-year yield rising to 5.0%. The 10- and 5-year yields rose to 4.76% and 4.57%, respectively. The rising yields indicate that the market expects the Federal Reserve to maintain a hawkish tone, which typically affects risky assets like Bitcoin and altcoins.
Meanwhile, data by IntoTheBlock shows that Bitcoin’s hash rate has retreated in the past few days as its price has stalled.
It had a hash rate of 750 TH/s on Saturday, Jan. 11, lower than the 30-day high of 911.88 TH/s and the 30-day average of 793 TH/s.
A hash rate is an important number that looks at the speed at which mathematical puzzles in the network are being solved.
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Author: Crispus Nyaga
