Price Of Bitcoin Dips Below $40,000 Once Again: Price Analysis

The price of Bitcoin dips below $40,000 once again amid the broader negative run for the leading cryptocurrency as per the latest data that we have in our bitcoin news today.

The price of Bitcoin dips below $40,000 once again accoridng to the data from CoinMarketCap. The price did recover a little over $40,000 but the BTC price movements form part of the broader negative price run for the cryptocurrency and BTC dropped by over 3% in the past day and over 7% in the last week. BTC started 2022 at $47,000 and its slow start is seemingly continuing.

This is far from the first time that Bitcoin’s price dipped in 2022 and it is been falling all year to date. At the start of the year, but was set at $47,000 as the flagship cryptocurrency was hit by controversies from several directions and the political unrest started to swallow Kazakhstan and caused a nationwide shutdown that resulted in much of the BTC mining industry going offline. Three days later, the US Federal Reserve announced that it could accelerate the timetable for increasing interest rates that contributed to the slow start for Bitcoin this year.

Bitcoin hit its lowest 2022 point in the year to $33,800 and since then, the flagship cryptocurrency as well as with the rest of the industry was pushed into the mainstream when the Super Bowl ads from Coinbase and FTX, and others championed the industry in front of millions but that hasn’t been reflected in the BTC price which remains on a broad downtrend for the year so far.

As recently reported, The Competition among BTC miners reached new highs as per the latest data.  The reports from BTC.com show that the network’s mining difficulty hit a new high of 27.97 trillion hashes yesterday. The network calculates how difficult is to mine BTC or how much computational power is required to earn BTC as per the supply and the demand of the miners. The more miners are online, the more competition there is among them to confirm the block that makes mining harder. At the same time, the analysis by yCharts reveals that the BTC hash rate is best understood as the computation power of the network which now sits at 213 EH/s or close to an all-time high of $248 EH/s that was set earlier in February this year.

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• Source: https://www.dcforecasts.com/bitcoin-news/price-of-bitcoin-dips-below-40000-once-again-price-analysis/