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Bitcoin Price Likely to End Current Year Bearish

Dave - Cryptocurrency Enthusiast

Fractals of Bitcoin (BTC) have largely not moved, and prices have been consolidating in the same ranges. Despite the network's hash rate rising and reaching new highs over the previous few weeks, this is still the case. The market leader's and the rest of the crypto market's future course will therefore be decided in large part over the course of the next few weeks.

Because Bitcoin price hasn't experienced a strong bounce, the weekly and monthly charts remain gloomy. More particular, the price of BTC has been harshly rejected from key resistance levels, which may potentially significantly weaken any near-term bullish rally. According to a tweet from @glassnodealerts today, the mining difficulty, or hash rate, for the BTC network has been increasing daily to new highs.

The social media post continues by noting that the mining difficulty for Bitcoin (BTC) has recently risen to an all-time high (ATH) of 158,208,051,864,292,013,637,632. The network's previous hash rate ATH was 152,947,196,320,564,012,646,400 and was recorded on October 23, 2022.

Over time, miners may decide to stop using their mining equipment as the mining difficulty for BTC rises and the price of BTC remains largely stable, which will cause a significant capitulation phase.

In reality, a significant surrender that might drive the price of the dominant cryptocurrency down below $11,000 is rapidly approaching. This is due to the fact that it appears the asset has not yet reached a bottom as selling pressure has continued to build on a monthly basis. As a result, a bearish closure for the price of BTC is probably in store for the year's finish.

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