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Bitcoin is once again trading below $17k after losing almost 2% of its value today.
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Bitcoin mining difficulty is down 7.2%, the biggest drop in more than a year.
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The total crypto market cap has also decreased by about 2% in the last 24 hours.
Bitcoin mining difficulty decreased by 7.2%
Bitcoin, the world’s leading cryptocurrency by market cap, is underperforming in the last 24 hours. at press time, bitcoin price It stood near $16,900 and may move lower before the end of the day.
This Latest Cryptocurrency News comes after btc dot com It was discovered that bitcoin mining difficulty is down 7.2%, the biggest drop since July last year. The recent drop in bitcoin mining difficulty is the biggest since the 28% drop recorded following China’s crackdown on mining last summer.
The broader cryptocurrency market has also been underperforming over the past 24 hours. At press time, the total cryptocurrency market cap is $851 billion, down 1.9% year to date.
Ether, the second largest cryptocurrency by market cap, isn’t doing any better. ETH is down almost 3% today and is now trading at $1,256 per coin.
key levels to watch
BTC/USD remains bullish on the 4-hours chart despite BTC’s poor performance over the past few hours. This is because BTC is still in the green when you look at its seven-day performance.
The MACD line remains above the neutral zone, but it is declining and could move into the negative zone if the bears remain in charge. The 14-day RSI of 50 suggests that BTC could enter oversold territory in the near term unless the bulls regain control of the market.
With the bears in control now, BTC could test the first major support level at $16,368 before the end of the day. However, unless there is a massive bearish turn, the bears may find it difficult to push BTC price below the $15,909 support.
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