Bitcoin Fails to Break $22K as Mining Difficulty Hits Record High

Bitcoin’s mining complexity has surpassed its all-time peak with its recent increase, the second in as many weeks, according to on-chain statistics. Bitcoin’s mining difficulty rose by 3.45% at block height 753,984 to 32.05 trillion hashes.

This is the second latest rise of significance. On August 31, complexity increased by 9.26%. Considering bitcoin’s depreciated value, recent drops on high CPI figures, and a potential bottoming down as low as $10,000, revenue of miners is diminishing.

Notwithstanding profitability worries, the average hash rate stays over 200 exahash per second at 229.39 EH/s, which is near to the all-time peak of 231 EH/s. On-chain information reveals that Foundry USA, which is held by DCG, contributes 28% of the worldwide hash rate, trailed by AntPool at 16.15%.

Grayscale and TradeBlock are both owned by Digital Currency Group, the crypto-centered conglomerate that also runs CoinDesk. The price of Bitcoin was unable to remain over the USD 22,500 barrier zone. BTC fell roughly 10% and is consolidating losses at now. If the price remains over $20,000, it may begin to rise again. During the preparation of this article, Bitcoin was exchanging hands at $20,272, a decrease of 9.20% from the previous day.

Likewise, the majority of big cryptocurrencies saw sell-off and traded near critical supports. ETH fell more than 5% and approached the USD 1,550 support level. The value of XRP fell below USD 0.34. ADA fell below the pivot level of USD 0.50.

After a sustained ascent, the value of bitcoin battled to remain over USD 22,500. BTC reached a short-term peak and then fell precipitously below $22,000. The price fell roughly 5% and traded under the USD 20,500 support level. It hit the USD 20,000 threshold and is now consolidating losses. On the rise, the price may encounter difficulty at USD 20,500. The next significant level of resistance is presently approaching USD 21,200, over which the price might begin a new uptrend.

Around the USD 20,120 level is an early support level on the downward. The next significant support is at the zone of $20,000, under which the price might accelerate its decline.
After failing to breach the USD 1,800 milestone, the price of Ethereum began a downward reversal. ETH fell under the USD 1,700 and USD 1,650 support levels. It even dipped below $1,600 and approached $1,550. The next significant support is USD 1,500, under which the price may return USD 1,420.

If the stock begins a new uptrend, it may encounter resistance at USD 1,650. The next significant resistance level is at USD 1,700, over which the price might reach USD 1,740. During the preparation of this article, the price of Ethereum (ETH) was $1,612, a fall of 5.40% over the previous 24 hours.