Bitcoin dips by 2% today as mining difficulty falls by 7.2%

• Bitcoin is trading below $17k once again after losing roughly 2% of its value today.

• Bitcoin mining difficulty is down 7.2%, the biggest drop in more than a year. 

• The total crypto market cap is also down by nearly 2% in the last 24 hours.

Bitcoin mining difficulty dips by 7.2%

Bitcoin, the world’s leading cryptocurrency by market cap, has been underperforming over the last 24 hours. At press time, the price of Bitcoin stands at $16,900 and could dip lower before the end of the day.

This latest cryptocurrency news comes after BTC.com revealed that Bitcoin mining difficulty is down 7.2%, the biggest drop since July last year. The recent decline in Bitcoin mining difficulty is the biggest one since the 28% plunge recorded following China’s crackdown on mining in the summer of last year.

The broader cryptocurrency market has also been underperforming over the past 24 hours. At press time, the total cryptocurrency market cap stands at $851 billion, down by 1.9% so far today.

Ether, the second-largest cryptocurrency by market cap, isn’t fairing any better. ETH is down by nearly 3% today and is now trading at $1,256 per coin.

Key levels to watch

The BTC/USD 4-hour chart remains bullish despite BTC underperforming over the past few hours. This is because BTC is still in the green zone when you look at its seven-day performance.

The MACD line remains above the neutral zone but has been declining and could enter the negative region if the bears remain in charge. The 14-day RSI of 50 shows that BTC could enter the oversold region in the near term unless the bulls regain control of the market.

With the bears now in control, BTC could test the first major support level at $16,368 before the end of the day. However, unless there is a massive bearish run, the bears could find it tough to drop BTC’s price below the $15,909 support level. 

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