Bitcoin Bull Rally Fades, Mining Difficulty Surge By 0.63%

As the bear hug gets tighter, the price of Bitcoin may drop below $21,000. Recent price movements saw a high of $25,135 and a low of $23,243. The short-term aim for the declining price trend is a drop to $21,000–$20,000.

Bitcoin Bulls Loses Steam

On August 18, Bitcoin, the leading digital asset, is battling to hold over $23,500 as it tries to maintain an upward trend that has been growing for the past two months.

The bulls’ dominance is clearly dwindling on the daily bar chart, and they will soon need to show greater tenacity to continue a price climb.

bitcoin

Bitcoin Bull Rally Fades, Mining Difficulty Surge By 0.63%
BTC/USD trades at $23k. Source: TradingView

In just one week, the Crypto Market Fear and Greed Index dropped from 47 to 30, and in just one day, it went from 41 to 30.

This week’s additional selling pressure could either reverse the upward price trend or put it in an even more vulnerable situation.

Related Reading: Bitcoin Bearish Signal: Whales With 1k-10k BTC Depositing To Exchanges

Additionally, the MVRV 7-day Detrend Oscillator has developed a negative divergence pattern in response to the recent Bitcoin price trend. It implies that the price of BTC can drop below $21,000. By removing long-term price noise, applying a detrend filter to the price trends makes it easier to spot market bottoms and peaks.

Bitcoin Bull Rally Fades, Mining Difficulty Surge By 0.63%
Bitcoin (BTC) MVRV 7D Detrend Filter. Source: CryptoQuant

Long-term Bitcoin prices have been falling, particularly since November. However, over the past month, the price has increased. The daily timeframe declining channel shows that the BTC price was poised to break above the channel but fails to do so due to the $25,000 psychological resistance level.

According to the crypto trading analyst, Michaël van de Poppe, Bitcoin’s ‘trend remains upward on higher timeframes.’ Poppe stated:

“Crucial to break $23.7K back. If a move to $24K occurs, a flip of $23.7K is trigger for longs. The trend remains upwards on higher timeframes. Still expecting $28-30K in the next weeks.”

Bitcoin Bull Rally Fades, Mining Difficulty Surge By 0.63%
Bitcoin price target. Source: Michaël van de Poppe

According to TradingView data, Bitcoin currently has a market value of $449 billion, up 0.10% in the last 24 hours but down 5.03% in the previous week.

Mining Difficulty Surge Amid Downtrend

The most recent network change resulted in a 0.63% increase in the difficulty of mining bitcoins.

Bitcoin Bull Rally Fades, Mining Difficulty Surge By 0.63%
Source: The Block Crypto Data.

A change was made, and BTC.com updated its website on Thursday to reflect it. The Block Research’s data shows that the network’s hash rate has increased by roughly 1.5% since the last update on August 4.

Since May’s cryptocurrency market collapse, Bitcoin’s difficulty has largely decreased. The most recent modest uptick comes after an increase of 1.74 percent on August 4.

Related Reading: TA- Bitcoin (BTC) Unable To Hold Above $24,000 Ahead Of Bearish Signs

Featured image from Pixabay, Chart from TradingView.com, Cryptoquant, and The Block

NEWS RELATED

TN MSME minister leads delegation to Czech Republic to attract investments

TN MSME minister leads delegation to Czech Republic to attract investments CHENNAI: A delegation from the Tamil Nadu government has visited the Czech Republic to attract investments in the micro, small and medium enterprises (MSME) sector. Minister for MSME T M Anbarasan and the delegation comprising senior officials including ...

View more: TN MSME minister leads delegation to Czech Republic to attract investments

Dimitri Senmache: EsSalud defiende designación de exministro del Interior en alto cargo de la institución

Dimitri Senmache: EsSalud defiende designación de exministro del Interior en la institución El exministro del Interior, Dimitri Senmache, ha sido designado como titular de la Dirección de la Gerencia Central de la Persona Adulta Mayor y la Persona con Discapacidad del Seguro Social de Salud (EsSalud). Esta decisión del ...

View more: Dimitri Senmache: EsSalud defiende designación de exministro del Interior en alto cargo de la institución

Gaya Cewek Mamba Feminin ala Jisoo Blackpink di Paris Fashion Week

Gaya Cewek Mamba Feminin ala Jisoo Blackpink di Paris Fashion Week. Foto: Dior Gaya fashion para member Blackpink memang selalu mencuri perhatian. Belum lama ini, Jisoo Blackpink sukses jadi trending berkat penampilannya hadiri show Dior koleksi Spring/Summer 2023. Sejak Maret 2021 lalu, Jisoo telah dipilih menjadi global ambassador rumah ...

View more: Gaya Cewek Mamba Feminin ala Jisoo Blackpink di Paris Fashion Week

PM Modi Himachal Visit LIVE: Prime Minister Narendra Modi participates in Dussehra Rath Yatra

PM Modi Himachal Visit LIVE: Prime Minister Narendra Modi participates in Dussehra Rath Yatra 16:43 (IST) PM Modi Himachal Visit LIVE Prime Minister Narendra Modi visits Bhagwan Shri Raghunath Ji’s Rath in Kullu Prime Minister Narendra Modi makes a visit to highly revered Bhagwan Shri Raghunath Ji’s Rath during ...

View more: PM Modi Himachal Visit LIVE: Prime Minister Narendra Modi participates in Dussehra Rath Yatra

Langka, Pajero Mini Bekas di Banderol Hampir Rp 400 Juta

Mitsubishi Pajero Mini JAKARTA, KOMPAS.com – Pada dasarnya, harga sebuah barang ditentukan oleh kondisinya baru atau bekas. Jika anyar, sudah sewajarnya apabila harganya masih mahal dibandingkan harga bekasnya. Namun, hukum jual beli tersebut tidak sepenuhnya berlaku untuk kendaraan baik roda dua maupun roda empat. Di pasar mobil bekas misalnya, ...

View more: Langka, Pajero Mini Bekas di Banderol Hampir Rp 400 Juta

Tutor gets two years’ RI for slander against Minister, Court

A tutor named Wimal Rohan Kodagoda who pleaded guilty for a contemptuous statement made by him slandering the judiciary and Justice Minister Wijeyedasa Rajapakshe PC was yesterday sentenced to two years Rigorous imprisonment and suspended for five years by the Supreme Court. The accused was also ordered to pay a ...

View more: Tutor gets two years’ RI for slander against Minister, Court

Pasteurdon 2022 : sur la pistes des organoïdes, ces "mini-cerveaux humains"

La collecte du Pasteurdon au bénéfice de l’Institut Pasteur s’ouvre ce mercredi pour financer la recherche scientifique sur les micro-organismes, les maladies, les vaccins et… les organoïdes. Pasteurdon 2022 : sur la pistes des organoïdes, ces “mini-cerveaux humains” Penché sur son microscope, Benjamin Montagne, technicien de laboratoire, observe avec attention ...

View more: Pasteurdon 2022 : sur la pistes des organoïdes, ces "mini-cerveaux humains"

Governo dopo le elezioni: Meloni al lavoro sul totoministri. Calenda attacca Salvini sul Viminale: “Non c'è mai stato: andava in giro a baciare prosciutti”

Image_0 Al centro della giornata politica ci sono le trattative sui ministri. La leader di FdI e premier in pectore Giorgia Meloni lavora su più tavoli. Ieri ha visto il ministro della Transizione ecologica Roberto Cingolani ma soprattutto deve contrastare le richieste della Lega e di Matteo Salvini che punta ...

View more: Governo dopo le elezioni: Meloni al lavoro sul totoministri. Calenda attacca Salvini sul Viminale: “Non c'è mai stato: andava in giro a baciare prosciutti”

CA summons State Minister Sanath Nishantha on October 13

Homo homini lupus, perché il caso Bellavia riguarda tutti noi

Covid, Ministero della Salute: probabile ritorno delle mascherine al chiuso se i contagi salgono

Special fuel pass for tourists visiting country - Minister

Ministro da Saúde tem de acabar "de imediato" com "situação de incompatibilidade", diz PCP

El ministro de Defensa de Colombia señala que el Ejército debe estar involucrado en el proceso de paz

Vinculan a proceso a presunto feminicida de Brenda

Jualan BBM Pertamini Bisa Untung, Dedi Mulyadi Heran Pertamina Kok Bisa Rugi

DAILY MAIL COMMENT: Prime Minister's speech should cool rebel hotheads

Trust victims on domestic violence leave, Taoiseach and ministers say, as business lobby Ibec says proof needed

Athabasca University board of governors shakeup meant to move relocation plans forward: minister

Huge changes coming in the wake of Optus cyber-hack: Minister announces sweeping law changes to protect millions of customers

OTHER NEWS

Breaking thailand news, thai news, thailand news Verified News Story Network