Bitcoin Today (04.12.2018)

Category: Analytics

Gradual descent continues, the price renewed local lows yesterday by settling at $3750 level. The turnaround into an upward impulse did not bring much, and was crushed on the $4000 level, which is supposedly turned resistive. The gradually lowering mean and inability to withstand $4000 level, hints that lowering is not over yet, and we are waiting for the testing of the overall low at $3500 in nearest days. Regaining of the upward momentum and quick march above $4000 – $4500 zone could change this overview back to the more bullish, bringing back some turnaround formation.

Today forecast

Trading Bounds: $3750 โ€“ $4000. High probability of downwards rally to the $3500 support.

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๐Ÿ”น The complexity of mining Bitcoin has undergone the second largest decline in history

As a result of the Bitcoin mining complexity recalculation, this figure fell by more than 15%, thus undergoing the second largest decline in the entire history of the first cryptocurrency.

The complexity of mining is a parameter of the blockchain network, which shows how difficult it is to perform a mathematical calculation to find a new block and, accordingly, to receive an award for it. It is affected, among other things, by the network hashrate, that is, the total computing power of mining equipment involved in the process of cryptocurrency mining.

With a decrease in the hashrate, the complexity also falls, and this is exactly what happened as a result of its next recalculation. Due to the highly unpredictable situation of the last half of 2018, this time the hashrate decline was extremely large, reaching 15.13%

โ€œThe 275th Bitcoin mining period has started with block 552,384. New difficulty: 5,646,403,851,534 (-5.13%)โ€ – @BtcBlockBot

As XDEX chief analyst Fernando Ulrich noted in his twitter (@fernandoulrich), this is the second largest decrease in complexity in the entire history of Bitcoin and the largest since November 1, 2011, when this figure fell by 18%.

Note that Bitcoin hash rate continues to decline – this indicator is in a downward trend since mid-October. The fall in prices only aggravated the situation, forcing many miners to turn off devices due to the unprofitability of mining. In terms of price, the break-even point is indicated differently – someone is talking about $7,000, in another opinion, this indicator is at the level of $4,500, below which Bitcoin has been trading around since November 20th.

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