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Crypto Industry News:
The Bitcoin network witnessed the historic event on May 12, when the mining difficulty reached an all-time high of 31.251 trillion as miners mined nearly 50,000 BTC out of the remaining 2 million tokens.
While the Bitcoin community enjoyed the additional resilience of the network due to the increasing difficulty of mining the Bitcoin block, the network difficulty saw a decline of 4.33%, i.e. from 31.251 trillion to 29.897 trillion on May 26.
Bitcoin's difficulties have consistently reached record highs in the past ten months as they recovered from a massive trough, from 25.046 trillion on May 29, 2021 to 13.673 trillion on July 22, 2021.
Since then, problems with the Bitcoin network have seen an increase of 128.56% when a record high was reached. However, despite a temporary decline of over 4%, the BTC ecosystem is still guarded by the most secure blockchain network.
Higher network difficulty requires more computing power to validate and confirm transactions on the BTC blockchain. As a result, it prevents hackers from hijacking your network, contributing to over 50% hashing rates and carrying out double-spending attacks.
Technical Market Outlook:
The BTC/USD pair is still trading inside the range, however the last push lower resulted with the Pin Bar candlestick as the bearish pressure intensify. The weak and negative momentum supports the short-term bearish outlook with a new target for bears seen even at the level of $20,000. The market keeps making lower lows and lower highs on the H4 time frame chart, so the down trend is intact. The first indication of the deeper correction would be a clear breakout above the range high located at the level of $32,870.
Weekly Pivot Points:
WR3 - $33,360
WR2 - $32,016
WR1 - $30,581
Weekly Pivot - $29,009
WS1 - $27,632
WS2 - $25,903
WS3 - $24,538
Trading Outlook:
The down trend on the H4, Daily and Weekly time frames continues. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support is seen at the round psychological level of $20,000.
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