Bitcoin failed to stay above the $35,000 support zone and started a fresh decline. Data from TradingView shows that the price of BTC has traded in a tight range between $33,000 and $35,000 as traders wait for a major news event or on-chain development to initiate the significant price move for the top cryptocurrency.
Today’s candle can be viewed as an attempt to consolidate at the bottom and would require a strong green follow-up if BTC is going to rally. At the same time, it can be viewed as a pause before a more significant decline. The next key support is near the $32,000 zone. If there is a downside break below the $32,350 and $32,000 support levels, the price might continue to decline towards the $30,200 zone.
Bitcoin mining difficulty, or a measure of how hard it is to compete for mining rewards, is projected to drop by nearly 27% in less than a day. Mining difficulty hit an all-time high of 25.05T in mid-May, and the impending slump will bring it down to 14.63T, a level not seen since early April 2020.
Since June 29, BTC’s hash rate has increased a great deal as 30-day and the hashrate statistics show the network’s hashpower was only 66 EH/s that day. Saturday’s difficulty change will not only be a milestone but will also make it much easier for miners to continue ramping up resources.