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Bitcoin (BTC) Price Maintaining Its Bullish Momentum Surpassing $70,000

After a recent period of bullish activity, Bitcoin (BTC) has maintained its position above the $70,000 threshold, indicating the possibility of further price gains. 

 

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Bitcoin’s (BTC) value has been ascending, currently trading above this significant threshold and the 100-hour simple moving average, suggesting strong market confidence. 

Traders are closely observing the hourly trend, noting that Bitcoin has surpassed a bearish pattern but is encountering resistance around the $70,800 and $71,250 levels. This means that a breakthrough beyond these thresholds could spark a stronger bullish momentum. 

However, if Bitcoin (BTC) struggles to surpass the $71,250 level, it could indicate a potential for another downtrend in the near term. At this time of writing, Bitcoin (BTC) is trading at $70,654.06. Nevertheless, in the event of a more substantial decline, the initial support level appears to be forming around $69,350. If the price closes below this level, it may lead to a further decline up to $68,500. In that case, the price could potentially regress to the support zone around $67,500 in the short term. 

Meanwhile, Bitcoin miners are hurrying to maximize their coin production before the Bitcoin halving event, which would result in a notable surge in mining difficulty. 

At this stage, Bitcoin mining difficulty has recently increased to unprecedented heights, reaching the 86.39 trillion hash mark before the Bitcoin halving. This surge aligns with an influx of Bitcoin miners striving to increase their coin production as the 2024 halving event draws near, leading to elevated hash rates that ultimately enhance network security. 

Furthermore, Bitcoin miners are in a race to accumulate as many coins as they can before the halving event. Miners see this event unfavorably as it decreases the pace of new BTC token creation. Consequently, they endeavor to amass as many coins as possible prior to the halving, leading to a surge in mining activity, as described earlier. 

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