Due to the onset of new crackdowns of mining the leading cryptocurrency in China, the Bitcoin BTC hash rate recorded a massive plunge. Miners in many provinces in the country had no choice but to switch off their equipment, leading to the slowdown in the production of new blocks on the Bitcoin BTC network.
Despite the shutdown of countless Crypto mining operations in China, research by Cambridge University indicated that the country’s share of Bitcoin BTC mining fell below 50% prior to the government’s move to ban mining.
Bitcoin hash rate is slowly returning back to above 100 EH/s, suggesting that miners in China may have moved their operations to other jurisdictions.
Bitcoin BTC price continues to move sideways as BTC suggests that there is an equilibrium between buyers and sellers.
Now, Bitcoin price appears to be losing steam and may be vulnerable to a drop to retest critical levels of defense on the 12-hour price chart.
Should selling pressure continue to increase, BTC price may look to test the immediate support level at $31,109, the May 23 low. Losing this support level could see BTC drop toward the horizontal line of defense at $30,159. If the bears are able to control the market, the leading cryptocurrency could retest the June 22 low at a price of $28,783 before lower levels are expected to materialize.
While the current setup for Bitcoin BTC price suggests that the asset could continue to consolidate, a spike in buying pressure could push BTC price higher to tag the 61.8% Fibonacci retracement level at a price of $33,574. Additional aspirations to the upside are unlikely at the moment, as the leading digital asset sees multiple obstacles ahead.
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