Crypto Industry News:
The Bitcoin network saw a new record high level of mining difficulty, hitting 26,643 trillion with an average hash ratio of 190.71 exahash per second (EH / s). This signals strong community support despite the ongoing downturn.
The difficulty of the Bitcoin network depends on overall computing power which correlates with the difficulty of confirming transactions and mining BTC. As the data shows, network difficulties fell between May and July 2021 for a variety of reasons, including a general ban on cryptocurrency mining in China. However, as the resettled miners resumed operations in other countries, network difficulties have dramatically revived since August 2021. As a result, on Saturday, the BTC network hit a record high of 26,643 trillion.
The data estimate that the network will continue to grow stronger, hitting another all-time record in the next 12 days, with a figure of 26.70 trillion.
Technical Market Outlook
The BTC/USD pair has been seen moving down all the weekend long breaking all the intermediate technical support levels. The recent low on Bitcoin was made at the level of $33,966, but there is still no indication of a potential bullish reversal. The next target for bears is seen at the level of $29,254 and this is the line in sand before a collapse under the $10,000 level. On the other hand, the nearest technical resistance are $35,912, $36,522, $37,230, $38,261 and $39,555. The market conditions are extremely oversold on H4 and Daily time frames.
Weekly Pivot Points:
WR3 - $49,548
WR2 - $46,360
WR1 - $39,808
Weekly Pivot - $37,007
WS1 - $32,011
WS2 - $27,102
WS3 - $20,525
Trading Outlook:
The market is controlled by bears that pushed the price way below the level of $40k, so a breakout above this level is a must for bulls for a trend reversal. The market retrace more than 50% since the ATH at the level of $69,654 and the next long-term technical support is located at $29,254. The corrective cycle is still in progress and is much more complex and time-consuming than anticipated.
