As Bitcoin As mining difficulty reaches an unprecedented high, the cryptocurrency’s future price trajectory comes into focus.
The increasing complexity of mining operations indicates a stronger network and increased interest in bitcoin.
As mining becomes increasingly challenging, the question arises: is this increase in difficulty a harbinger of a potential increase in bitcoin adoption?
As more individuals and institutions adopt BTC, it could see a significant increase in its value and market demand.
In this bitcoin price prediction, we delve into the relationship between mining difficulty and adoption while exploring the potential for bitcoin’s upward trajectory.
Bitcoin mining difficulty hits new all-time high, indicating increasing network competitiveness
bitcoin mining difficulty The level reached an unprecedented milestone on Thursday, increasing by 3.22%.
This indicator measures the level of effort required for miners to validate transactions within a block, and a higher difficulty reflects increased competition in the mining sector.
The recent adjustment puts the mining difficulty at 49.55 trillion at block height 790,272, reversing a 1.45% drop from the previous adjustment on May 4.
As more miners join the network, the mining difficulty naturally increases, affecting their profitability, which is closely tied to the spot price of bitcoin.
This upward trend in mining difficulty is closely related to hash rate increaseThe measure of computational power used for mining, which is currently around 368.5 exahes per second, is up from 350.8 exahes per second, according to data from Blockchain.com.
US weekly jobless claims decline, defying concerns of a recession in the labor market
Number of people enrolled for initial stage unemployment benefits The week ending May 13 decreased by 22,000 to reach a seasonally adjusted total of 242,000.
This significant drop is the biggest since November 20, 2021. polled by economists reuters 254,000 claims were predicted for the same period.
bitcoin price
current price of Bitcoin $26,731, and its trading volume reached $15.3 billion in the last 24 hours.
In the past day, bitcoin has lost about 2.50%. It holds the top position on Coinmarketcap with a market capitalization of $517 billion.
The circulating supply of bitcoin is 19,377,237 BTC coins out of a maximum supply of 21,000,000 BTC coins.
bitcoin price prediction technical outlook
During the US session, bitcoin faced an important resistance near the $27,500 level and failed to break it.
As a result, there was a sharp decline in the price, which reached the next support at $26,500.
On the four-hour time frame, we can see a bearish candlestick pattern, which shows the dominance of sellers in the market.
Technical indicators such as RSI and MACD are currently in the bearish zone.
Moreover, bitcoin price declined below the 50-day SMA, which is now acting as a strong resistance near $26,850.
On the upside, if bitcoin manages to break above the $26,500 level, it could target the next support at $26,000.
Therefore, it is important to closely monitor the $26,500 level, as a decisive break above it could trigger a bullish move towards the $27,100 resistance.
If bitcoin successfully surpasses this level, it could aim for the next resistance around $27,490.
Top 15 Cryptocurrencies to Watch in 2023
cryptonews The Industry Talk team has compiled a list of potential cryptocurrencies for 2023 that demonstrate strong potential.
These cryptocurrencies show significant potential for growth in both the near and distant future.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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