{"id":428140,"date":"2020-06-22T20:00:51","date_gmt":"2020-06-22T20:00:51","guid":{"rendered":"https:\/\/ktsl888.com\/?p=428140"},"modified":"2024-06-11T14:04:16","modified_gmt":"2024-06-11T14:04:16","slug":"bitcoin-difficulty-accumulation-phase","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-difficulty-accumulation-phase\/","title":{"rendered":"Data Shows Recent Bitcoin Difficulty Adjustment May Kickstart New Accumulation Phase"},"content":{"rendered":"

Bitcoin is currently trading just below its most important resistance yet, gearing up for what most crypto analysts expect to be a major move<\/a>.<\/p>\n

However, data suggests that sell pressure from miners adjusting to the newly reduced block rewards combined with quiet accumulation may be responsible for the recent sideways price action.<\/p>\n

Bitcoin Sideways Trading Continues, But For How Long?<\/h2>\n
Bitcoin’s halving was the most talked about topic of the cryptocurrency industry for the last year.<\/p>\n
Once it arrived, analysts were torn on what to expect post-halving. Bullish investors expected an immediate bull market. More skeptical traders had expected a post-halving selloff due to miners capitulating to occur.<\/p>\n
One expert suggested Bitcoin could trade sideways for another one hundred days<\/a> following the block reward reduction.<\/p>\n
Related Reading | Data Shows Bitcoin More Likely To Pump Following Consolidation, 20% Move Anticipated\u00a0<\/a><\/strong><\/em><\/p>\n
Thus far, the leading cryptocurrency by market cap has traded sideways for 54 days and counting, nearly half of what the expect had suggested.<\/p>\n
But why hasn’t the notoriously volatile cryptocurrency moved much either way and what are the underlying factors causing it? Data suggests it could be supply and demand coming into balance.<\/p>\n

Post-Halving Miner Supply Meets Retail And Institutional Accumulation Demand<\/h2>\n
With Bitcoin seemingly going nowhere fast<\/a>, analysts are scouring any data point they can get their hands on.<\/p>\n
Technical analysts are performing technical analysis and looking over chart patterns, while fundamental analysts are reviewing things such as mining difficult, hash rates, cost of production, and more.<\/p>\n
Combining the two tools are the key to the best investment and trading performance. Comparing fundamentals with technicals can often shed additional light into what’s fueling the underlying price action.<\/p>\n
Following Bitcoin’s halving, the cryptocurrency is undergoing some interesting changes. An important fundamental analysis tool called the Puell Multiple<\/a>, which has recently been “screaming buy<\/a>,” has shown Bitcoin reaching a key level repeatedly since the halving.<\/p>\n
After previous halvings, the same sort of “chop” in the indicator coinciding with a “price floor” took place before the new uptrend officially began.<\/p>\n
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1\/ Puell Multiple keeps dipping in and out of the green accumulation zone as miners grapple with recent difficulty adjustments.<\/p>\n
Solid risk-reward opportunity for long term $BTC<\/a> investors around these levels (green zone).<\/p>\n
Live chart: https:\/\/t.co\/G9HDcO2ObT<\/a> pic.twitter.com\/HCBIaFwdwX<\/a><\/p>\n
— Philip Swift (@PositiveCrypto) June 22, 2020<\/a><\/p><\/blockquote>\n