Bitcoin mining difficulty risks biggest dip since 2022 as BTC price eyes $60K

Bitcoin may still be trading above $60,000, but network fundamentals are already showing the strain as BTC price gains fail to materialize.While taking order book liquidity via low-timeframe volatility, BTC/USD lacked upside impetus overall, and now, the 100-day simple moving average and short-term holder realized price were back on the radar., these are classic bull market support levels, with last week’s brief dip to $56,500 not violating them for long.

“There is some 100BTC bids stacked here but need to see evidence of absorption of sellers to get strong confluence of demand,” he— its largest single downward adjustment since the end of the 2022 bear market. At the time, BTC/USD traded at under $20,000.“Hashrate looks to be dropping. But, what matters for miners is the difficulty, not the network hashrate. Miners will not mine more bitcoin per EH/s until difficulty gets adjusted downward, and this happens every 2016 blocks ,” it wrote on May 8.

“Assuming we get a -7% adjustment, that puts the ‘difficulty hashrate’ at around 585 EH/s. Referring to my post-halving prediction, this is still above my estimate of 560 EH/s given the current hashprice of $50.”This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Bitcoin bids stack above $60K as hopes of a BTC price rebound buildNew Bitcoin bid liquidity appears between spot BTC price and $60,000 as funding rates cool to six-month lows.
Source: Cointelegraph - 🏆 562. / 51 Read more »

Bitcoin price tests $60K range as Coinbase advances toward instant, low-cost BTC transfersBTC bulls need to hold here on the daily time frame, lest we see $52K range tested.
Source: FXStreetNews - 🏆 14. / 72 Read more »

Bitcoin (BTC) Price Eyes $60K, Toncoin (TON) Soars 12% Daily (Market Watch)Crypto Blog
Source: Crypto_Potato - 🏆 568. / 51 Read more »

Bitcoin defends $60K as whales hold onto their BTC despite market dipBitcoin (BTC) price still has traders and investors at the edge of their seats as it slides further away from its all-time high (ATH) of $73,777.
Source: FXStreetNews - 🏆 14. / 72 Read more »

Bitcoin slips below $60K, but some traders aren’t turning bearish on BTC just yetDespite Bitcoin falling below $60,000, the cycle could be transitioning into the reaccumulation period, according to a popular crypto analyst.
Source: Cointelegraph - 🏆 562. / 51 Read more »

These Altcoins Dumped the Most as Bitcoin (BTC) Slipped Beneath $60K (Market Watch)Crypto Blog
Source: Crypto_Potato - 🏆 568. / 51 Read more »