- BTC/USD bears have remained in control for three consecutive days.
- The mining difficulty of Bitcoin has increased by about 15%, marking the biggest jump in two years
- The change happened on block height 635,040, with the network adjusting its difficulty to 15.78 trillion.
Bitcoin’s difficulty, a metric that measures the degree of difficulty of mining new blocks in the network, has made the most significant jump in a little over two years. As per BTC.com, the jump happened on block height 635,040, with the network adjusting its difficulty level to 15.78 trillion. This new jump occurred a couple of months after one of Bitcoin’s largest difficulty drops in its history when it plummetted by around 16% on March 26.
BTC/USD daily chart
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BTC/USD dipped from $9,376.86 to $9,367.35 in the early hours of Friday. In the process, the price has dropped below the SMA 50. The RSI indicator is currently trending in the neutral zone, which is a sign of a sluggish market. The price faces strong resistance at $9,538.50, SMA 20, $9,700 and SMA 50. On the downside, healthy support lies at $9,280.75 and $9,075.
With the increasing difficulty and decreasing price, it is becoming tougher for miners to keep the light on in their operations. This may trigger a lot of miners to pack up their bags and call it quits. For the sake of network well-being, the bulls will hope for a reversal in fortunes.
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