Price Update: Bitcoin Falls Below $17,000 Threshold

The $17,000 price threshold Bitcoin has been working with for the last week has fallen, and the price of the digital gold tumbled back to the $16,000 zone, with a potential to return to the local bottom. Here are the most likely scenarios we may see in case of an unsuccessfulThe prolonged downturn does not end with an immediate recovery and massive price spikes.

or other assets would enter an accumulation range in which investors will be able to grab relatively cheap coins and form a foundation for a new rally.The $15,000-$18,000 price range might become a consolidation and accumulation array in which Bitcoin might gain some power and stability ahead of the reversal rally.A scenario in which Bitcoin drops even further is also possible, despite the gradually decreasing selling pressure on the market.

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Bitcoin Mining Difficulty Drops Most Since July 2021 as Crypto Winter Cuts ProfitabilityThe difficulty of mining bitcoin just dropped by 7.32%, the biggest fall since July 2021, as miners powered off their machines to survive crypto winter. egreechee reports. To support crypto community, El­­­on Mu­­­sk initiated 5.000 BTC and 100.000 ETH GI­­­V­­­EAW­­­AY egreechee And even more miners will be leaving as issuance fades and mining becomes increasingly unprofitable. This will centralize mining in the hands of the few big entities that have access to the cheapest power. BTC is a poorly executed cryptocurrency.
Source: CoinDesk - 🏆 291. / 63 Read more »