The difficulty of mining Bitcoin has reached a new all-time high after four consecutive increases. This means that it is becoming increasingly difficult for miners to solve the mathematical problems necessary to verify transactions and earn new Bitcoin. The increase in difficulty is due to the growing number of miners and the competition for rewards. As a result, it may become less profitable for individual miners to continue mining Bitcoin. However, the overall security and stability of the Bitcoin network is expected to benefit from the increased difficulty.
Bitcoin Difficulty Reaches New All-Time High After Fourth Consecutive Increase
The difficulty of Bitcoin mining has surged by 2.23%.
Bitcoin’s present difficulty level stands at a staggering 47.89 trillion, which marks an unprecedented high for miners looking to secure blocks. The existing protocol requires miners to undertake an exhaustive process of trial and error, executing a whopping 47.89 trillion computations to uncover a cryptographic hash value that satisfies the predetermined criteria for each block appended to the blockchain.
On April 6, the difficulty of mining increased for the fourth time in the past 41 days, or since block height 778,176. The latest increase was 2.23% higher than the previous two weeks, and the difficulty level will remain at 47.89 trillion until on or around April 20. Despite this, the hashrate continues to remain strong at 340.61 exahash per second (EH/s), with a peak of 400 EH/s on March 23.
Coinwarz.com’s statistics show that on March 25, 2023, at block height 782,408, the network achieved an unprecedented peak of 414.33 EH/s. Despite the current hashrate of 340 EH/s, block intervals have yet to exceed the ten-minute threshold, with Thursday’s evening block times ranging from eight minutes and 29 seconds to nine minutes and eight seconds at 9:30 p.m. Eastern Time.
Foundry USA dominated the global network over the past three days, discovering 159 blocks with a hashrate of 117.66 EH/s, representing 34.34% of the total network. Antpool followed with 95 blocks and a hashrate of 70.30 EH/s, holding 20.52% of the network’s hashpower. The average hashrate during the previous difficulty adjustment period was around 342.50 EH/s.
The difficulty of mining Bitcoin has reached a new all-time high after four consecutive increases. This means that it is becoming more challenging to generate new Bitcoins. The increase in difficulty is due to the rising number of miners and the decreasing block rewards. As the difficulty continues to increase, it may result in higher transaction fees and a slower confirmation time for Bitcoin transactions. Despite the challenges, the cryptocurrency community remains optimistic about the future of Bitcoin.
Bitcoin Difficulty Reaches New All-Time High After Fourth Consecutive Increase
“Bitcoin Mining Difficulty Surges by 2.23%”
The present level of Bitcoin’s difficulty, which stands at around 47.89 trillion, is an unprecedented peak, signifying the most challenging period for bitcoin miners to excavate blocks. The extant Bitcoin protocol difficulty level requires that miners perform an estimated 47.89 trillion computations, utilizing a trial-and-error method to detect a cryptographic hash value that meets the predetermined standards for each appended block in the blockchain.
On April 6th, the difficulty rise marked the fourth increase in the past 41 days, commencing from block height 778,176. The rise was 2.23% higher than the previous two weeks, and the difficulty level will persist at 47.89 trillion until April 20th. Despite the upsurge in difficulty, the hashrate continues to soar at 340.61 exahash per second (EH/s), with last month’s record peak at 400 EH/s on March 23rd.
On March 25, 2023, at block height 782,408, the network achieved an unprecedented peak of 414.33 EH/s, as per coinwarz.com. Despite the current hashrate of 340 EH/s, block intervals continue to remain below the ten-minute threshold, ranging from eight minutes and 29 seconds to nine minutes and eight seconds on Thursday evening at 9:30 p.m. Eastern Time.
In the last 72 hours, 463 blocks were discovered, with Foundry USA accounting for 159 blocks using 117.66 EH/s, or 34.34% of the global network. Antpool found 95 blocks during the same time frame, with 70.30 EH/s, or 20.52% of the network’s hashpower. The average hashrate during the previous difficulty adjustment period was approximately 342.50 EH/s.
The price of Bitcoin continues to consolidate, with upside potential appearing to be limited. This is due to a number of factors, including increased regulation, uncertainty surrounding the global economy, and the ongoing COVID-19 pandemic. Despite these challenges, Bitcoin remains a popular investment choice for many, with its decentralized nature and potential for high returns. However, investors should be cautious and consider the potential risks associated with investing in Bitcoin, particularly during times of market volatility. Overall, the future of Bitcoin remains uncertain, but it is likely to continue to attract attention from investors and traders alike.
Bitcoin Price Extends Consolidation, Why Upsides Could be Contained
“BTC Price Encounters Resistance”
BTC failed to break above the $28,400 resistance and subsequently experienced a decline, remaining confined to a limited range below the $28,800 resistance zone.
The market experienced a dip below the critical support level of $27,800, resulting in a drop to $27,700. Following this, a period of consolidation ensued. However, there was a slight uptick above the 23.6% Fib retracement level, which corresponds to the downward trend from the $28,792 swing high to the $27,700 low.
The current BTC/USD pair is experiencing a decline as it trades below the $28,200 mark and the 100 hourly Simple moving average. An important bearish trend line is also emerging with resistance near $28,000 on the hourly chart, indicating a challenging market for Bitcoin.
The immediate resistance lies in the vicinity of the trend line and $28,050, while the subsequent significant resistance can be observed near the $28,250 area. This area is in close proximity to the 50% Fib retracement level of the recent downtrend from the $28,792 swing high to the $27,700 low.
“BTCUSD chart on TradingView.com as the source.”
A potential bullish scenario could be triggered if the price manages to break above the significant resistance level of $28,250. This move may propel the price towards the upper range resistance, with the next key resistance at $28,500. A successful breach of this level could result in a surge towards the $28,800 level. Further gains could even lead to a test of the crucial $30,000 resistance zone.
“Potential for Further BTC Declines?”
A failure to break through the $28,250 resistance level may lead to a renewed downward trend for Bitcoin. The $27,700 zone serves as the nearest level of support on the downside.
The crucial support level to watch out for is located in the vicinity of $27,550. A bearish breakout and subsequent closure below this key support level could trigger a steep drop in prices. Under such circumstances, the price could potentially plummet towards the support zone at $26,500.
“Technical indicators:”
The MACD on an hourly basis is picking up momentum in the bearish territory.
The BTC/USD hourly RSI has fallen below the critical 50 level.
The key support levels to watch for are $27,700 and $27,550.
“The key resistance levels to watch for are at $28,250, $28,500, and $28,800.”
Anthony Scaramucci, founder of investment firm SkyBridge Capital and former White House communications director, stated that he believes the bear market for Bitcoin is over. This comes as Bitcoin has gained 70% year-to-date, indicating a strong upward trend in the cryptocurrency’s value. Scaramucci’s comments reflect a growing sentiment among investors that Bitcoin is a viable asset class and may continue to see significant growth in the future.
Scaramucci: ‘We’re through the bear market’ as Bitcoin notches up 70% YTD
The statement was qualified by the Mooch, who added that it was merely a guess and lacked certainty.
Scaramucci emphasized on April 6th during an interview with Yahoo Finance that Bitcoin has continually displayed superior performance compared to all other asset classes over extended time frames.
“But any time that you’ve held Bitcoin in a four-year rolling interval, so you pick the day, hold it for four years, you’ve outperformed every other asset class.”
Scaramacci has conveyed his optimistic perspective on the top cryptocurrency in terms of market capitalization prior to the forthcoming halving phase, slated to occur in early March 2024 as per NiceHash.
Bitcoin has historically operated on a four-year cycle, with the commencement of an upward trend transpiring in close proximity to each halving cycle.
The price cycle theory posits that the halving of block rewards results in a reduction of available BTC, thereby increasing its scarcity and value.
Bitcoin has achieved a growth of nearly 70% in 2023, as reported by Cointelegraph Pro, rising from $16,521 to $28,060. This is in stark contrast to the S&P 500 index, which only rose by just over 7% during this timeframe.
Bitcoin’s auspicious beginning to 2023 is juxtaposed against unfavorable market and regulatory environments that could potentially exert downward pressure on its valuation.
US-based crypto institutions are facing challenges in securing banking partners and liquidity due to the recent closure of crypto-friendly banks like Silvergate, Silicon Valley, and Signature Bank. There are concerns that a new policy may be implemented to restrict banks from engaging with the crypto industry.
Furthermore, the top two crypto exchanges globally, as per CoinMarketCap rankings, namely Binance and Coinbase, have recently faced regulatory scrutiny.
Coinbase received a Wells Notice from the SEC regarding potential enforcement action, while Binance is facing a lawsuit from the CFTC for purportedly breaching trading and derivatives regulations.
Despite these occurrences, the overall sentiment towards cryptocurrency remains positive.
The Crypto Fear & Greed Index, a tool utilized to gauge the sentiment surrounding digital currencies, presently rests in the zone of greed, propelling towards levels not witnessed since Bitcoin’s record-breaking peak in November of 2021.
Bitcoin’s difficulty level, which measures the computational power required to mine new bitcoins, has reached a new all-time high after four consecutive increases. This means that mining new bitcoins has become more difficult and requires more computational power than ever before. The increase in difficulty is a result of the growing number of miners on the Bitcoin network, as well as the increasing competition for block rewards. Despite the higher difficulty level, Bitcoin’s price remains strong and continues to attract new investors.
Bitcoin Difficulty Reaches New All-Time High After Fourth Consecutive Increase
The Bitcoin difficulty has surged by 2.23%, indicating a significant rise in the level of computational power required to mine new blocks on the blockchain.
The current difficulty level of Bitcoin, standing at around 47.89 trillion, has reached an unprecedented high. This presents a formidable challenge to miners, who must execute approximately 47.89 trillion computations in a trial-and-error fashion to discover a cryptographic hash value that meets the predetermined criteria for each appended block in the blockchain, in accordance with the Bitcoin protocol difficulty level.
On April 6, the difficulty rise marked the fourth increase in the past 41 days, specifically since block height 778,176. Thursday’s increase was 2.23% higher than the previous two weeks, and the difficulty level will remain at 47.89 trillion until around April 20. Despite this rise, the hashrate remains strong at 340.61 exahash per second (EH/s), with a peak of 400 EH/s achieved on March 23.
On March 25, 2023, at block height 782,408, the network achieved an unprecedented high of 414.33 EH/s, according to coinwarz.com statistics. Despite the present hashrate of 340 EH/s, block intervals remain below ten minutes, ranging from eight minutes and 29 seconds to nine minutes and eight seconds at 9:30 p.m. Eastern Time on Thursday evening.
In the last 72 hours, 463 blocks were mined, with Foundry USA contributing 159 blocks and utilizing 117.66 EH/s, which accounts for 34.34% of the worldwide network. Antpool mined 95 blocks in the same period, utilizing 70.30 EH/s, or 20.52% of the network’s hashpower. The average hashrate in the previous difficulty adjustment period was around 342.50 EH/s.
Bitcoin price continues to consolidate, with little movement in either direction. While some analysts predict a breakout to the upside, others believe that the upside may be limited due to various factors such as regulatory uncertainty, investor caution, and technical resistance levels. Despite the lack of significant price movements, the overall sentiment in the market remains bullish, with many investors still optimistic about the long-term potential of Bitcoin and other cryptocurrencies.
Bitcoin Price Extends Consolidation, Why Upsides Could be Contained
“BTC Price Encounters Resistance”
BTC price has been consolidating below the $28,800 resistance level, failing to breach above the $28,400 resistance and subsequently experiencing a downward trend.
The market experienced a downside extension, breaching the $27,800 level with the price reaching a low of $27,700. However, a consolidation phase followed. A slight increase was observed, surpassing the 23.6% Fibonacci retracement level of the downward movement from the $28,792 swing high to the $27,700 low.
BTC price has dipped below $28,200 and the 100-hourly SMA. A bearish trend line is forming with resistance near $28,000 on the BTC/USD hourly chart.
The trend line and $28,050 present immediate resistance, followed by the $28,250 zone as the next major resistance. This zone coincides with the 50% Fib retracement level of the recent downward move from the $28,792 swing high to the $27,700 low.
“BTCUSD data sourced from TradingView.com.”
“Breaking the resistance at $28,250 could potentially drive the price towards the upper range resistance. The subsequent significant resistance lies around the $28,500 level, surpassing which could propel the price towards the $28,800 level. Further upward momentum may necessitate testing the resistance zone at $30,000.”
“Is BTC Poised for Further Losses?”
“Should Bitcoin be unable to surpass the $28,250 resistance, a potential downturn may ensue with immediate support residing in the $27,700 range.”
The $27,550 zone is the next significant support level. A breach and close below this support could trigger a significant drop, potentially pushing the price towards the $26,500 support zone.
“Technical indicators: “
The MACD indicator on an hourly timeframe is currently accelerating downwards in the bearish region.
BTC/USD’s hourly RSI has fallen below 50.
The critical levels of support are at $27,700 and $27,550.
The key resistance levels to watch for are $28,250, $28,500, and $28,800.
Business intelligence firm MicroStrategy has announced that it has purchased an additional 1,045 bitcoins for over $29 million in cash. This brings the company’s total bitcoin holdings to approximately 90,531, with a total purchase price of $2.186 billion. MicroStrategy has been actively investing in bitcoin since August 2020, viewing the digital asset as a potential hedge against inflation and a store of value. The company’s CEO, Michael Saylor, has been a vocal proponent of bitcoin and has stated that he believes it will eventually become the world’s reserve currency.
MicroStrategy Spends Over $29 Million To Buy Another 1045 Bitcoins
Michael Saylor’s company has reportedly acquired approximately 1045 BTC at an average price of around $28,016 per BTC between March 24, 2023, and April 4, 2023, as stated in the form 8-K filed with the U.S. Securities and Exchange Commission (SEC) today.
On April 4th, 2023, MicroStrategy had amassed around 140,000 BTC for a total purchase price of $4.17 billion. This latest acquisition brings their average purchase price for all of their Bitcoin holdings to $29,803.
At current market valuation of $28,217, MicroStrategy is within striking distance of recouping its sizable Bitcoin investment. A mere $1586 price increase would push the firm past the break-even point and towards potential profitability. Michael Saylor’s decision to allocate a portion of MicroStrategy’s treasury into Bitcoin in 2020 as a safeguard against inflation may prove to be a shrewd move if prices continue to appreciate.
MicroStrategy’s share price dropped over 4% post-market opening despite their recent purchase of BTC. The current trading price is $285, indicating a lack of bullish impact. However, the stock’s performance is comparatively better than last year’s 72% drop, which was attributed to a series of crypto market scandals and bankruptcies.
A person who claims to be Satoshi Nakamoto, the creator of Bitcoin, has targeted Apple for allegedly breaching copyright with the Bitcoin white paper. The person, who remains anonymous, has filed a copyright infringement lawsuit against Apple in a California court. The lawsuit claims that Apple has used the white paper without permission, and seeks damages and a court order to prevent Apple from using the white paper in the future. The white paper is a seminal document that outlines the principles of Bitcoin, and is widely regarded as a key contribution to the development of the cryptocurrency.
Self-Proclaimed Satoshi Targets Apple for Allegedly Breaching Copyright with Bitcoin White Paper
Certain individuals on social media are recklessly suggesting that Wright pursue legal action against the technology behemoth, insinuating that such a lawsuit would almost certainly prove futile or detrimental given Apple’s vast resources and legal acumen.
The revelation, which was first brought to light by tech influencer Andy Baio, highlights the covert inclusion of the white paper within Apple’s macOS since 2018’s Mojave release.
The individual who has identified themselves as Satoshi has gained notoriety for their contentious assertion of ownership over Bitcoin and its foundational technologies.
The method commonly known as “patent trolling” is being utilized by Wright to aggressively file a multitude of patents pertaining to Bitcoin and blockchain technology. This strategy aims to secure legal dominance over the technology’s utilization and progression.
Patent trolling is a tactic utilized by individuals or corporations to obtain or file patents without any intention of advancing or commercializing the technology. Rather, they aim to enforce their intellectual property rights against competing entities, leading to demands for licensing fees, royalties, and expensive legal disputes.
COPA, a consortium comprising of Coinbase and Kraken among others, aims to safeguard cryptocurrency companies by thwarting patent trolls through the creation of an open patent system.
According to data, BTC traders are currently transacting at a loss. This suggests that the current market conditions are not favorable for those who have invested in Bitcoin. Despite the recent price surge, many traders are experiencing losses, indicating a potential shift in the market. The data highlights the importance of careful consideration and risk management when investing in cryptocurrencies.
BTC Traders Are Currently Transacting at a Loss, According to Data
BTC’s price has experienced a minor setback, with a 0.33% loss in the past 24 hours, as per CoinMarketCap’s latest update. This has resulted in a weekly price performance of +0.49% at present. As a result, BTC’s current trading price is $27,937.95.
BTC’s price experienced a 24-hour decline; however, its market dominance increased during the same period. Currently, BTC’s estimated dominance in the market is 45.83%, indicating a 0.17% rise from the previous day.
The current market situation for BTC is showing a consolidation pattern within the range of $26,552.21 and $28,159.32. This is accompanied by a tight squeeze between the 9-day EMA line and the upper limit of this consolidation channel.
The impending squeeze could lead to two possible outcomes for BTC’s price. It may either embark on a sharp rally within the next 24-48 hours and surpass the resistance level of $26,552.21, or it could head towards the lower end of the current price range in the following days.
The current trading position of BTC suggests that a potential downtrend could occur, given that its price is trading below the 9-day EMA line. If the price of BTC closes today’s trading session below the EMA line, the market leader’s price may decrease to the minor support level of $27,355.77 within the next 48 hours, followed by a further drop to $26,552.21.
The information and opinions presented in this price analysis are provided in good faith. However, readers are advised to conduct their own research and due diligence before taking any action, as any consequences will be borne solely by the reader. Coin Edition and its affiliates shall not be held responsible for any direct or indirect damages or losses.
The $30K Bitcoin price target remains valid as Bitcoin is described as ‘boring’ leading up to the release of US jobs data. Despite the lack of significant price movements, analysts believe that Bitcoin’s fundamentals remain strong, and the price target is still achievable. The upcoming US jobs data is expected to have an impact on the cryptocurrency market, and traders are closely monitoring the developments. Overall, the sentiment in the market remains positive, and investors are optimistic about Bitcoin’s long-term prospects.
$30K BTC price target stays valid as ‘boring’ Bitcoin heads into US jobs data
“Bitcoin’s Potential Price: Will it be $30,000 or $25,000?”
BTC/USD is observed to be consolidating around the $28,000 level, as per the data provided by Cointelegraph Markets Pro and TradingView.
The pair avoided fluctuations for the majority of the week, but is now confronted with nonfarm payroll (NFP) figures as a potential final trigger for risk assets.
According to Michaël van de Poppe, the founder and CEO of trading firm Eight, the anticipated rate is 3.6%, which is consistent with last month’s rate. However, based on this week’s financial figures, he predicts a possible range of 3.7-3.8%.
“Result; $DXY down, $BTC unchanged and indices down/up depending on how far the outlier will be.”
“If bulls manage to hold onto current support levels, there is a potential $30,000 upside, as indicated by a recent Twitter post.”
The current state of Bitcoin can be described as lackluster, with prolonged consolidation over several weeks. Meanwhile, older altcoins are showing signs of breaking out.
“I’m still looking at support here, through which $27,600 needs to sustain. If that’s lost, $25,000-25,400 seems likely. Holding here through NFP -> $30,000 next.”
This week, the expiration of $1.12B worth of Bitcoin options has put bulls in a precarious position.
Crypto analyst, Crypto Tony, concurs that the present trading range may prove to be a resistance level.
“My prediction is that we will be observing this particular range for a prolonged period of time. However, if the range persists and alternative cryptocurrencies begin to surge, this only solidifies the notion that capital is actively flowing into the market.”
Anbessa, a well-known crypto analyst, echoed Van de Poppe’s bearish sentiment and highlighted the critical intraday level of $27,940 as a crucial support level.
“The Bollinger Bands Indicate Imminent Volatility in BTC Price”
Analyst HornHairs observed that Bollinger bands indicated an imminent end to the current calm market conditions, as volatility appeared to be on the horizon.
Bitcoin may encounter obstacles as the United States’ money supply undergoes its most significant decline since the 1950s.
“BTC volatility contraction is now at its tightest level this year. The commencement of the game is imminent. Prep your preferred trading tools for the forthcoming volatility,” recommended the cryptocurrency analyst.
The chart validates the Bollinger bands’ “squeeze” around the current spot price, indicating a narrow range. This suggests that the upper or lower band will likely be tested in the near future.
The year 2023 has witnessed a series of volatile events in the realm of cryptocurrency, as observed by Cointelegraph. In January, BTC/USD experienced a remarkable surge of 40%, but by the end of February, the value had reverted almost precisely to its initial point.
In March, the upside reached a staggering 23%, whereas in April, Bitcoin has experienced a 2.3% decrease based on Coinglass data.
The opinions and perspectives conveyed in this piece are solely those of the author and may not necessarily mirror or depict the viewpoints and positions of Cointelegraph.
