Bitcoin mining difficulty (that is, the amount of computing power required to find a new block in the Bitcoin blockchain – how many times on average miners must calculate the hash value to find a cryptocurrency block. With the current increase, the target difficulty value is set at 64.68 Trillion) since the beginning of the year has grown by 92.2%. Back on January 1, 2023, the difficulty of mining the first cryptocurrency was at the level of 35.36 T, according to BTC.com. As a result of the next recalculation on November 27, the indicator updated the historical record, rising to 67.96 T. The previous record was set on November 12, when the difficulty reached 64.68 T.
The average Bitcoin hashrate (the total computing power of equipment mining cryptocurrency) at the current difficulty is expected to be 486.35 EH/s, which is also the maximum value. The previous maximum average hashrate was recorded at 462.95 EH/s on November 12. On November 19, the amount of rewards and commissions to miners reached $46.7 million, which is the highest level in the last six months, according to Blockchain.com. One of the reasons for the surge was the increase in demand for BTC Ordinals, an analogue of NFTs on the Bitcoin network. The increase in the difficulty of mining and the hashrate of the Bitcoin network also suggests that more and more miners are joining the mining of the first cryptocurrency.
Meanwhile, Bitcoin managed to break through the $38,000 resistance on November 24, but the bulls failed to demonstrate presence above this level. This development shows that many investors are hesitant to buy at higher levels. On the weekly chart, Bitcoin is forming a Doji candlestick pattern for the second week in a row. This indicates that bulls and bears are indecisive about the next move. At the same time, the price of Bitcoin has increased by 126% since the beginning of the year – from $16.5 thousand to $37.3 thousand.
Analysts have become increasingly bullish over the past few days, but investors should proceed with caution as a correction in the crypto market is inevitable during every uptrend. Bitcoin’s ongoing rally since October has hit a hurdle at $37,980, but investors are determined to close their positions. This indicates that investors expect the uptrend to continue. The immediate downside support is the 20-day exponential moving average, which is currently around $36,546. If the price bounces off this support, it will signal that every minor correction is being bought. This will increase the likelihood of Bitcoin breaking above $37,980. If this opportunity materializes, the BTC/USDT pair could rise to $40,000. This level could be a strong resistance for investors, but if they manage to turn the $38,000 level into support, the uptrend could extend to $48,000. However, if the price falls below the 20-day EMA, investors will likely take profits.
Against the backdrop of such trends, one of the legitimate and stable forms of investing in cryptocurrency mining is the ASTL investment project (Hong Kong), which allows investors to have the opportunity to directly invest fiat and cryptocurrency assets into stable passive income, which obviously exceeds inflation expectations and is not subject to any sanctions or blocking and confiscation. The ASTL project is a simple and elegant solution for potential investors – an investment in the development of the real sector of a diversified portfolio of cryptocurrencies, with a fairly high APR (up to 14%) with payments in stablecoin (USDT) and the possibility of a full return on investment through the subsequent sale of accrued ASTL tokens on leading crypto exchanges . Details can be found at https://astl.world
