Bitcoin mining difficulty reached ATH before the halving

Bitcoin mining difficulty has recorded its highest level of 83,947,913,181,362, a move indicating increasing interest ahead of the halving

The Bitcoin (BTC) network has adjusted its difficulty level, reaching an all-time high (ATH) as the industry giant prepares for its halving event scheduled for April 2024.

Data from Blockchain.com explorer shows Bitcoin mining difficulty on March 21 when the computer's last adjustment reached 83,947,913,181,362

Since Bitcoin appeared, the hashrate has always increased except for mid-2021 and April 2022 when the Chinese government banned Bitcoin mining activities.

The increasing Bitcoin mining difficulty metric reflects more miners connecting to the network, to compete for the remaining unmined BTC share of the total supply.

Miners prepared thoroughly before the halving which was also triggered by the emergence of the Bitcoin Exchange Traded Fund (ETF) spot product. After the halving the drop in miner income from 6.25 BTC per block to 3,125 BTC may be less profitable, but with the demand crisis, this may increase the value of Bitcoin over time.

Bitcoin price is now at around $67k with support at around $60k and resistance at $68k. A breakout of the $68k level might allow Bitcoin prices to continue to rise, where many Bitcoin investors still believe they are bullish for Bitcoin.

In the daily timeframe on Ticktrader, Bitcoin/USD is now moving near the middle band line which is the pivot point of the current price range.

The slightly narrowing Bollinger band indicates a decrease in volatility after reaching ATH.
On the other hand, the RSI is starting to rise above level 50, giving a bull signal for Bitcoin today.