One thing I cannot explain at the moment is that Bitcoin is having a lot of good news like some companies are buying into Bitcoin and the number of bitcoin miners increases after the halving but the price of bitcoin falls.
Hashrate increase doesn't always mean more miners, doesn't even always mean more mining gear.
The oldest gear that is still somewhat capable of mining a profit is an s9, with 14TH for 1400W, now a miner could replace 3 of those for an s19pro which instead of 42TH for 4200W would do 110 TH for 3250W.
New gear is close to 3 times more efficient, so just upgrading gear we could see a huge hash rate increase.
The ATH hash rate of mining has increased but the ATH price of bitcoin has yet to be surpassed.
The hashrate follows the price, what you see right now is gear that was ordered months ago coming online. Hash rate has zero effect on the price.