Yesterday's price drop does not appear to have affected Bitcoin's medium-term trend.
After three consecutive weeks of prices consistently above $ 55,000, yesterday it fell from around $ 60,000 to less than $ 53,000 in a matter of minutes, only to rebound shortly thereafter.
In an hour he went back down to $ 55,000 and then slowly rose again throughout the day to $ 57,000.
Santiment pointed out that at the very moment of the sudden and rapid collapse, social media exploded with comments from "Buy the fall" Y "Bought the fall".
Also, the peak of 'buy the dip' posts occurred before the true collapse started, i.e. when the price had just started to fall, while the peak of 'buy the dip' posts occurred just before for the price to fall below $ 53,000.
According to Santiment, these data suggest that the people keep trusting bitcoin, and that yesterday's crash was "just a little bump in the road."
If this is the case, then it would appear that yesterday's crash couldn't make a real dent in the bitcoin trend.
The trend of the Bitcoin hashrate
Another parameter that seems to go in the same direction is the hashrate.
In fact, on April 16 there were some incidents in China that forced several mining farms to suspend operations, suddenly clipping up to 35 exahash.
The graph of the Bitcoin hashrate clearly shows that the next day, April 17, there was a real collapse, because from 157 Ehash / s two days before it had fallen to 105, a 33% drop in just two days.
Yesterday, this parameter had already risen to 110 Ehash / s, while today it is already above 130 Ehash / s.
The problem has mainly been reflected in Bitcoin's block time, which has jumped to 15 minutes from the usual 10 minutes. Yesterday, however, it had already fallen below 12 minutes, although today it appears to be particularly high again.
This data clearly shows that there has been a problem in the last few days, but it appears to be on its way to being resolved. However, we will probably have to wait until May before there is a new change in difficulty that can finally solve the problem. This may be one of the largest percentage reductions in difficulty in recent years.
