Bitcoin Hash Rate Declines for Record 250 Days Amid Miner Shift

Bitcoin's hash rate has declined for a record-breaking 250 consecutive days. This marks a significant shift from previous bear markets, where the longest decline was 91 days in 2022 and 63 days in 2018.

The main reason behind this drop is that major public miners have shifted their capacity towards AI data centers, which has drained network security at an unprecedented scale over the last 12 months.

A technical analysis of BTC's price on the 4h chart shows it trading at $64,722.16 within the Bollinger Bands. The price is currently testing the upper resistance at $65,043.74, while the MACD golden cross and EMA50 support at $63,901.36 are keeping the structure bullish.