Bitcoin Expected to Record Another Downward DAA Change in July
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Using current exchange rates, one block subsidy is valued at $133,125 per block, with BTC averaging about 213.8 exahash per second (EH/s).
On June 8, the hashrate tapped a high of 292.02 EH/s at block height 739,928. Today, however, this figure is considerably lower at 178.44 EH/s. On-chain statistics recorded over the last month show that Bitcoin’s hashrate dropped by 26.56% lower than the average since the first week of June.
That said, miners caught a break in the last two difficulty adjustment algorithm (DAA) changes, which were both downward adjustments. Cumulatively, the past two adjustments made it 3.76% easier to discover new BTC blocks. Furthermore, the next DAA change is expected to be a third-consecutive downward adjustment, with estimates placing a 0.13% decrease. However, Bitcoin has 11 days until the next adjustment, enough time for things to change before the next DAA change.
The Bitcoin network has recorded ten DAA changes since March 3 this year. Of these ten, six have been downwards adjustments while the remaining four have been upward changes.
Key Bitcoin Levels to Watch — July 10
After aggressively breaking the 100 EMA resistance last Thursday, Bitcoin tapped a peak near $22.5K, its highest point in July. Not surprisingly, however, the benchmark cryptocurrency could not sustain this bullish resurgence, prompting a correction.
That said, BTC is on a journey to the $21K support, where we could see a bullish resumption or a return to the sub-$20K area. Given its precedent, the Asian market open later today should set the tone for the market in the new week. Nonetheless, a breach below the $20K mark would be a tough challenge for bears as the market tilts towards a bullish continuation.
Meanwhile, my resistance levels are at $22,000, $22,500, and $23,000, and my key support levels are at $21,000, $20,000, and $19,000.
Total Market Capitalization: $941.2 billion
Bitcoin Market Capitalization: $406.2 billion
Bitcoin Dominance: 43.1%
Market Rank: #1
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