Crypto Industry News:

Moving further away from any concerns about planned attacks on Blockchain, the Bitcoin network has established a new mining difficulty level, the highest ever at 31.251 trillion - surpassing 30 trillion for the first time in history.

Bitcoin's creator, Satoshi Nakamoto, has ensured the security of the BTC network through a decentralized network of BTC miners tasked with validating transactions and mining new blocks.

Given the extensive community support - from developers to traders to traders to miners - which has lasted more than 13 years, the BTC network has witnessed a historic 10-month rally where it has hit a mining difficulty of 31.251 trillion.

Mining difficulty protects the BTC ecosystem from network attacks such as double spending, where attackers try to reverse confirmed transactions in the BTC chain. Greater difficulty of mining requires more computing power from miners to confirm transactions in the BTC network.

As a result, the latest difficulty of the BTC network makes it almost impossible for potential attackers to represent more than 50% of the hash rate. According to blockchain.com, the BTC network currently requires 220.436 million terahas per second (TH / s).

Despite the crypto community's concerns about the ongoing targeted attacks and an active bear market, BTC continues to position itself as the most resilient Blockchain network.

Technical Market Outlook:

The BTC/USD pair has bounced from the swing low made at the level of $25,367 after the Pin Bar candlestick was made at the end of the down move. The bulls keep trying to bounce higher and are currently trading back above the level of $30,000. The weak and negative momentum supports the short-term bearish outlook with a new target for bears seen at the level of $20,000. The market keeps making lower lows and lower highs on the H4 time frame chart, so the down trend is intact.

Weekly Pivot Points:

WR3 - $44,348

WR2 - $39,422

WR1 - $35,469

Weekly Pivot - $30,396

WS1 - $26,266

WS2 - $21,367

WS3 - $17,368

Trading Outlook:

The down trend on the H4, Daily and Weekly time frames continues. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support is seen at the round psychological level of $20,000.