Bitcoin recently overcame the $23,500 resistance and is now moving towards new highs. with the price of Bitcoin The rise continues, with many investors wondering where it will go next. In this article, we will explore some of the factors that could affect its price in the near future and predict where it could be headed.
On January 30, Bitcoin It started trading at $23,746 and has seen some movement in the last 24 hours. It is down about 0.92% and is currently trading at $23,238.
The highest price of BTC/USD during the same period was $23,784, while its lowest point was recorded at $23,110. Nevertheless, it still saw an increase of over 2% within the last week.
Bitcoin Difficulty Just Hit A Record High: What Does It Mean For Crypto Investors?
On January 29, the bitcoin mining difficulty increased to an unprecedented level. This 4.68% increase in difficulty occurred at a block height of 774,144, with total difficulty rising from 37.59 trillion to 39.35 trillion – a new all-time high.
Recently, the difficulty posed by bitcoin mining has seen a substantial increase of 48 percent. This can be attributed to the 26.64 trillion difficulty measurement recorded on January 21 last year.
A blockchain is made more secure by increasing its difficulty level because it makes it much harder for attackers to succeed in their efforts. Furthermore, when the mining difficulty increases relative to the global hash rate, it becomes harder to mine new blocks.
Bitcoin’s mining difficulty increases as the security of its network becomes stronger, even though miners need to put in more effort. Furthermore, whenever the number of miners increases, it eventually leads to a larger network size with better long-term value for BTC/USD.
Core Scientific Submits $6 Million Bitmain Coupon Sale Request
On January 25, Core Scientific, a bankrupt bitcoin mining corporation, filed an emergency appeal with the court to sell $6.6 million worth of Bitmain coupons, according to records.
Core Scientific has approached the court seeking approval to sell Bitmain vouchers, which are no longer relevant to their business. For this, he has filed an application in the Southern District of Texas Bankruptcy Court of Houston Division.
Core Scientific holds $6 million worth of Bitmain coupons, but is facing some difficulties. It is not possible to convert these product-specific coupons to cash with Bitmain. It is possible to buy S19 miners from Bitmain only using their coupons. Unfortunately, the present circumstances do not make these coupons useful due to the various conditions specified.
Bitmain’s coupons were due to expire in March/April 2023, when the company was expected to complete its Chapter 11 bankruptcy reorganization. The firm also said it will not buy any more S19 miners during or after Chapter 11 is completed.
On 21 December 2022, Core Scientific, a major US cryptocurrency mining company, was forced to file for bankruptcy due to high energy costs, low profit margins, and a declining BTC/USD exchange rate.
Get ready for an interest rate hike
A working paper by Daniel Ringo recently referenced on Twitter by Fortune Magazine suggests that the Federal Reserve’s aggressive rate hikes in an effort to curb inflation may be contributing to a growing inequality gap.
Investors are closely watching Jerome Powell’s press conference post policy meeting to get an idea of how interest rates might move in the future and at what point the Federal Reserve will pause its rate hikes.
At the Federal Reserve meeting on February 01, investors anticipated a 0.25% increase in the federal funds rate to 4.5%-4.75%, which would result in a second consecutive rate hike.
According to the Labor Department report, which is due to be released on February 3, an estimated 185,000 jobs were added in January, down from 223,000 recorded in December.
Positive economic developments are expected to have a positive effect on BTC/USD price.
bitcoin price
current price Bitcoin $23,258 and has lost more than 1% in the last 24 hours. Its market volume is estimated at $26 billion, while its market cap is an impressive $488 billion and it ranks first in CoinMarketCap’s ranking.
On the 4-hour time frame, BTC/USD price is struggling to break above the $24,000 resistance and declined to retest the $23,000 support.
A break below this level has the potential to send bitcoin price down to $22,600 or even $22,350. The $23,000 support area is powered by the 50-day moving average on the 4-hour time frame, and candles closing above this level would have the potential for a bullish reversal in BTC/USD price.
Consider buying positions above $23,000 with a target price of $23,550 or $24,000. Alternatively, sell positions can be taken if the $23,000 support area is breached.
bitcoin options
CryptoNews recently published a list of the 15 most promising cryptocurrencies for 2023. If you are looking to invest, there are alternative ventures that can provide good returns if you do your research.
Cryptocurrency investors and traders are constantly monitoring altcoins and ICOs in the digital asset space to stay on top of all emerging trends and opportunities.
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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