Bitcoin crosses $63,000, mining difficulty drops by 5% – fastest in 16 months

Bitcoin stands strong in the volatile market, rising confidently after a shaky start to the week. With its value surpassing $63,000 yesterday, the bulls are determined to maintain this upward trend and potentially reach new heights of $66,000.

The key to solidifying last week’s gains lies in Bitcoin’s ability to close above this crucial level. If successful, a surge of demand is expected to propel the coin towards the coveted $70,000 mark.

Excitement is in the air as Bitcoin experienced a surge of green yesterday. The markets are buzzing with optimism as BTC remains steady today, after a 7% increase in the past trading week. The rejection of sellers has caused a spike in trading volume, with over $26 billion being exchanged in the last 24 hours.

The following Bitcoin news events are worth watching:

  • After months of anticipation, the Bitcoin network has finally made a significant move. In a surprising turn of events, the mining difficulty has dropped by 5.62%, marking the largest adjustment since the infamous December 2022 crash. This drop, from the record high of 88.10 trillion to 83.15 trillion, has sparked speculation about the state of the market. Some believe that miners are feeling the pressure, while others argue that this is a strategic move.
  • Donald Trump, the former leader of the free world, has just announced that he is now open to accepting cryptocurrency as a form of campaign donations. In a bold move, Trump has also taken a jab at his political rival, Joe Biden, claiming that the current president is clueless when it comes to the world of crypto.

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Bitcoin Price Analysis

Bitcoin stands strong against selling pressure on May 9th, proving its resilience in the face of market turmoil. Despite ongoing selling, this steadfastness is a promising sign for potential buyers.

The $62,000 support level has been a crucial lifeline for BTC, aligning perfectly with the 62.8% Fibonacci retracement level from the May 2024 range. To keep the upward momentum going and mirror the impressive gains of May 3rd, Bitcoin must push past $66,000 today.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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