Bitcoin (BTC) threatened a $61,000 collapse on May 9 as a familiar trend line faced a new test of support.
BTC price continues to exert pressure on bull market support.
Data from Cointelegraph Markets Pro and TradingView shows BTC price moving slowly lower to erase the week-long upside.
While low-period volatility has ensured order book liquidity, BTC/USD has generally lacked upward momentum, and now the 100-day simple moving average (SMA) and short-term holder realized price (STH-RP) are back in the spotlight.
As Cointelegraph reports, this is a classic bull market support level that was not violated for long, despite a brief drop last week to $56,500.
The 100-day SMA and STH-RP (representing the total cost basis for Bitcoin speculators) were at $61,200 and $60,100, respectively, at the time of this writing.
Popular trader Skew, in a recent comment on
“There are about 100 BTC of bids stacked here, but we need to see evidence of seller absorption to get a strong confluence of demand,” he said. wrote Overnight.
Data from monitoring resource CoinGlass shows bid liquidity sitting just below $61,000, which Bitcoin is still challenging today.
“Clearly someone here is driving the price down, trying to attract liquidity to sell on the bounce.” summary Before.
“We need to keep an eye on this because eventually someone will take the other side (bid) and test the liquidity of this request.”
Bitcoin mining hashrate, retreat difficulty
Meanwhile, recent BTC price fluctuations have taken a toll on network fundamentals.
Related: Bitcoin Exchange Inflows Fall to 10-Year Lows After All-Time High of $74,000
At the time of this writing, Bitcoin mining difficulty was scheduled to decrease by about 5.5%, according to data from BTC.com. This is the largest single downgrade since the bear market ended in 2022. At the time, BTC/USD was trading below $20,000.
The current difficulty level is at an all-time high of 83.23 trillion.
debate In X’s current environment, mining analytics account Pennyether pointed out that hash rates are already falling.
“It seems like the hash rate is dropping. However, what matters to miners is the difficulty, not the network hashrate. “Miners will not mine more Bitcoin per EH/s until the difficulty is adjusted downward, which will occur every 2016 blocks (~14 days),” he wrote on May 8.
“Assuming a -7% adjustment, the ‘difficulty hashrate’ would be approximately 585EH/s. Referring to the post-halving projections, this is still higher than my estimate of 560EH/s given the current hash price of $50.”
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