Bitcoin Price Tests $80K Resistance Amid Hasrate Recovery

Bitcoin's price continues to hover near $80,000 as traders closely watch its technical range. A strong August advance has positioned Bitcoin for a potential breakout above $80,000, which could pave the way for further gains up to $81,000-$82,000.

According to CoinMarketCap, BTC traded around $79,055 on September 1, with roughly $33 billion in 24-hour volume. This placed it below the key resistance area identified by trader That Martini Guy, who noted that a break above the $79,400-$80,000 zone could trigger further growth.

Network data also supports the bullish outlook, as Luxor's Hashrate Index showed a significant recovery in Bitcoin's seven-day average network hashrate to 915 exahashes per second by August 31. This rebound follows an earlier decline due to power curtailment among miners and difficulty reductions in July.

While some caution that one week of improvement does not establish a durable network trend, the recovery in hashrate adds weight to the argument for further growth. The next difficulty adjustment is expected around September 5, with CryptoQuant's Puell Multiple indicating miner issuance revenue close to its longer-term average.