Analysis: Bitcoin computing power is 7 times higher than the historical high point, or indicates a bullish outlook

According to Beincrypto, Bitcoin once again made good use of the support line in the $7,800 area to withstand the accumulated bearish pressure. It has been doing this for the fifth week in a row, and as prices have risen above $8,300, the possibility of a bullish reversal has begun to emerge. Among all these factors, the key indicators that measure the confidence of miners also show a bullish outlook for mid- and long-term prospects for Bitcoin. The computing power emphasizes the level of mining activity on the Bitcoin network, which is seven times higher than the corresponding figure in mid-December 2017, when the BTC price soared to a record high of nearly $20,000. However, there is controversy about the correlation between computing power and bitcoin prices, because some people think that BTC prices follow the rules of network computing power, while others think the opposite is true. BitInfoChart data shows that it seems that the mood of the miners is closely related to the sentiment of the investment community during May-June 2019. As prices begin to rise, more computing power comes with it. Prices continued to soar in the next few months, as was the computing power. On September 26, it reached an all-time high of 108.5 EH/s. Although these trends seem to be the reaction of miners to the market, rather than a long-term strategic move, they do determine whether bitcoin is a convenient tool for a bear market or a bull market.