Bitcoin Records Highest DAA Reduction in 10 Months, Bearish BTC Bias Persist
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Before the difficulty adjustment, Bitcoin had a difficulty of approximately 31.25 trillion. As of today, this metric is at approximately 29.85 trillion following its highest drop since July 2021, beating estimates of a 3.67% reduction. That said, the adjustment took place at block height 737,856 on May 25.
With the price of BTC dropping lower in recent weeks, a downward difficulty adjustment makes it easier for miners to recoup some of the losses recorded with the recent crash.
Currently, a Bitmain Antminer S19 Pro+ Hybrid with a hash power capacity of 198 terahash per second (TH/s) can realize an estimated $9.24 per day on BTC profits.
Meanwhile, the benchmark cryptocurrency’s global hashrate maintained its stay above the 200 exahash per second (EH/s) mark. Notably, the BTC hashrate tapped a record high of 275 EH/s at the block height of 734,577.
Currently, there are 1,864 unmined Bitcoin blocks until the next DAA change on June 8 and 101,992 unmined blocks until the next halving event. Also, there will be about 51 DAA changes biweekly until the next mining reward halving.
Key Bitcoin Levels to Watch — May 26
Bitcoin recorded a brief dip below the $28.7K range bottom earlier today as the broader crypto market shed over 7%. The benchmark cryptocurrency facilitated a bounce at the fresh two-week low and currently trades around the $29.5K mark.
As previously stated, BTC needs to secure a push into the $31K – $41K range to negate the persisting sideways/bearish bias. A persistent stay below the $30K psychological support could trigger another bearish attempt at $26K.
Meanwhile, my resistance levels are at $30,000, $30,600, and $31,000, and my key support levels are at $29,000, $28,700, and $28,000.
Total Market Capitalization: $1.21 trillion
Bitcoin Market Capitalization: $555.1 billion
Bitcoin Dominance: 45.4%
Market Rank: #1
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