Bitcoin (BTC) has cleared another peak achievement after the network recorded its highest mining difficulty since its inception.
Satoshi Nakamoto, the pseudonymous Bitcoin founder, installed the mining difficulty feature to implement a 10-minute mining block time difference and a two-week mining difficulty readjustment program called the difficulty adjustment algorithm (DAA).
Mining difficulty is the term used to describe the level of difficulty miners undergo to solve a block and earn rewards. Bitcoin’s mining difficulty plays an essential role in the network, as it regulates the network. To accommodate an influx of new miners, the network’s hashrate increases, and the DAA readjusts higher, making it more difficult to solve blocks.
On the flip side, a notable outflow of miners from the network triggers hashrate subsidies and causes the DAA to drop, making solving blocks relatively easier for miners.
I’m Thursday, the BTC network recorded a 4.31% mining difficulty increase, its first positive adjustment in over four weeks or 2 DAA changes. Notably, the DAA readjusts at every 2,106 blocks, with the next readjustment to occur on April 13. That said, analysts expect the next adjustment to be a decrease.
Since the positive adjustment on Thursday, six-month charts show that Bitcoin’s hashrate currently hovers around 175.49 EH/s. As of yesterday, statistics indicate that the hashrate’s 90-day average at 195 EH/s.
Key Bitcoin Levels to Watch — April 3
Following a notable weakness around the $47,000 level last week, Bitcoin has recorded a neat pullback and rebound from the $45,650 pivot top and now charges towards the $47,000 level again. The recent correction also pushed the benchmark cryptocurrency out of the recently-acquired bullish channel, which BTC struggles to retake.
With the cryptocurrency market benefiting from the existing fundamental factors, I expect to see a bullish continuation in the first week of April back above the $47,000 – $48,000 resistance axis. While the cryptocurrency failed to tap the $50,000 psychological level in March, it is likely to retake this level in early April.
Meanwhile, my resistance levels are at $47,000, $48,000, and $48,500, and my key support levels are at $46,300, $46,000, and $45,800.
Total Market Capitalization: $2.17 trillion
Bitcoin Market Capitalization: $885.8 billion
Bitcoin Dominance: 40.8%
Market Rank: #1
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