Bitcoin difficulty has hit a new all-time high (ATH) of  90,666,502,495,566 despite recent BTC volatility. Currently, the pioneer crypto trades are below $65,000 and look weak.

Bitcoin Difficulty Hits All-Time- High

Bitcoin network difficulty reached an all-time high of 90,666,502,495,566 on August 2, 2024, after a three-month decline. This surge reflects a robust and competitive mining environment, with increased confidence in BTC’s infrastructure. Higher difficulty leads to rising operational costs, affecting BTC’s supply and potentially its price. 

For Bitcoin, the difficulty is how hard it is to mine a block of transactions. The difficulty is a dynamic metric that is adjusted once every 2016 block. If difficulty increases, more computational power is required to find the transaction block. Hence, the difficulty is crucial in influencing mining costs and market dynamics.

Network difficulty

Network difficulty measures the computational power needed to mine a new BTC block, ensuring security against attacks. 

BTC Hashrate Hits Record Highs

BTC hash rate hit record highs of 677 EH/s on July 27. Currently at 642 EH/s. The increased hashrate highlights the resilience of the BTC ecosystem, as it signifies a more robust and secure network. 

Harsh rate

This surge in computational power means intensified competition among miners to validate blocks, enhancing the network’s resistance to attacks. This development can positively impact BTC prices by enhancing miner confidence and network strength.

BTC Price Analysis: Market Trends and Future Predictions

As of the time of writing, the BTC price is at $65,021, reflecting a 1.28% increase over the past day. Within the same 24-hour period, the cryptocurrency’s price fluctuated between a low of $62,248 and a high of $65,593.

Bitcoin is currently witnessing a slight market recovery. If this trend intensifies, BTC is likely to surpass the $62,000 resistance barrier. If it achieves this, the token could reach new highs, driven by the ongoing market rebound.

The Relative Strength Index (RSI) stands at 39, indicating that BTC is approaching oversold conditions. The RSI’s decline from higher levels suggests weakening bullish momentum.

Bitcoin price chart: Source| TradingView

Conversely, if the bears gain control, BTC may approach its near-support level at $58,000. Following this bearish trajectory, the cryptocurrency could hit new lows, reflecting increased market pressure.

The post Bitcoin Difficulty Hits New ATH, What’s Next? appeared first on CoinGape.

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Filed under: News - @ August 2, 2024 4:36 pm