Market-leading digital asset Bitcoin BTC $75 668

has once again captured the global spotlight after a sharp price crash. BTC fell nearly 8% in the last 24 hours to $75053

Key Notes:

* Bitcoin (BTC) price slid nearly 8% in the last 24 hours as it failed to maintain price action above $80,000.

* Meanwhile, the Bitcoin network has achieved a milestone with its hashrate surpassing 1 Zetahash per second (ZH/s) for the first time in its 16-year history.

* According to mempool.space and BTC Frame, Bitcoin’s hashrate crossed 1 ZH/s on April 5.

* Coinwarz records the hashrate reaching 1.1 ZH/s at block height 890,915 on April 4.

* The Bitcoin network now processes over 1,000 Exahashes per second, a 1,000x increase since January 2016 when the network first reached 1 EH/s.

* For perspective, Litecoin (LTC) is currently running at just 2.49 Petahashes per second, making Bitcoin about 40,000 times more powerful.

* This milestone signifies enhanced resilience against 51% attacks and the growing decentralization of its mining ecosystem.

Bitcoin’s price slid nearly 8% in the last 24 hours as the largest cryptocurrency failed to maintain price action above the $80,000 psychological level amid persistent selling pressure.

According to CoinMarketCap, BTC fell by 7.98% in the last 24 hours to $75,053 by 09:15 ET on Thursday. The decline was also accompanied by a staggering 257.99% surge in trading volume.

On the other hand, technical indicators suggest that Bitcoin is in a fragile state.

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.

According to multiple sources including mempool.space and BTC Frame, Bitcoin’s hashrate surged past 1 ZH/s on April 5.

Coinwarz data 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, a 1,000x increase since January 2016 when the network first reached 1 EH/s.

For perspective, Litecoin (LTC), 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.

This milestone is significant as it enhances Bitcoin’s resilience against potential 51% attacks and showcases the growing decentralization of its mining ecosystem. In essence, it signifies that the network is becoming more robust and distributed.