Bitcoin
has
recently
surged
past
the
$23,500
resistance
level
and
is
now
headed
for
new
highs.
With
the
price
of
Bitcoin
continuing
to
rise,
many
investors
are
wondering
where
it
will
go
next.
In
this
article,
we
will
explore
some
of
the
factors
that
could
affect
its
price
in
the
near
future
and
make
predictions
on
where
it
could
be
headed.
On
January
30,
Bitcoin
opened
trading
at
$23,746
and
has
seen
some
fluctuations
over
the
past
24
hours.
It
has
dropped
by
approximately
0.92%
at
the
moment
and
is
being
traded
at
$23,238.
The
highest
value
reached
by
BTC/USD
was
of
$23,784
in
the
same
period
while
its
lowest
point
was
recorded
as
$23,110.
Nevertheless,
it
has
still
witnessed
an
overall
increase
of
over
2%
within
the
past
week.
Bitcoin
Difficulty
Just
Hit
A
Record
High:
What
Does
This
Mean
For
Crypto
Investors?
On
29th
January,
the
difficulty
of
Bitcoin
mining
surged
to
an
unprecedented
level.
This
4.68%
increase
in
difficulty
occurred
at
a
block
height
of
774,144
with
the
total
difficulty
rising
from
37.59
trillion
to
39.35
trillion
–
a
new
all-time
high.
Recently,
the
difficulties
posed
by
Bitcoin
mining
have
seen
a
substantial
increase
of
48
percent.
This
can
be
attributed
to
the
26.64
trillion
difficulty
measurement
recorded
on
January
21
of
last
year.
A
blockchain
is
made
more
secure
by
increasing
its
difficulty
level
as
it
makes
it
much
harder
for
attackers
to
succeed
in
their
attempts.
Also,
when
the
mining
difficulty
increases
relative
to
the
global
hashrate,
new
blocks
become
harder
to
be
mined.
The
mining
difficulty
of
Bitcoin
increases
as
the
security
of
its
network
becomes
stronger,
even
though
miners
need
to
put
in
more
effort.
Moreover,
whenever
there
is
an
increase
in
the
number
of
miners,
it
ultimately
leads
to
a
larger
network
size
with
an
improved
long-term
value
for
BTC/USD.
Core
Scientific
Submits
a
$6
Million
Bitmain
Coupon
Sale
Request
On
January
25,
Core
Scientific,
a
bankrupt
Bitcoin
mining
corporation,
filed
an
emergency
appeal
in
court
to
sell
Bitmain
coupons
worth
$6.6
million
as
per
the
records.
Core
Scientific
has
approached
the
court
to
get
approval
to
sell
off
Bitmain
vouchers,
which
are
not
relevant
to
their
business
anymore.
For
this,
they
have
filed
an
application
with
the
Southern
District
of
Texas
Bankruptcy
Court
in
Houston
Division.
Core
Scientific
has
$6
million
worth
of
Bitmain
coupons,
but
they
are
facing
some
difficulties.
It
is
not
possible
to
convert
these
product-specific
coupons
into
cash
with
Bitmain.
It
is
only
possible
to
use
their
coupons
to
purchase
S19
miners
from
Bitmain.
Unfortunately,
the
current
circumstances
don’t
make
these
coupons
useful
due
to
the
various
conditions
specified.
Bitmain’s
coupons
were
set
to
expire
in
March/April
2023,
when
the
company
expects
to
have
completed
its
Chapter
11
bankruptcy
reorganization.
The
firm
also
stated
that
it
will
not
purchase
any
more
S19
miners
throughout
or
after
the
completion
of
Chapter
11.
On
21st
December
2022,
Core
Scientific,
a
leading
American
cryptocurrency
mining
company,
was
forced
to
file
for
bankruptcy
due
to
the
high
energy
costs
they
were
incurring,
reduced
profit
margins,
and
decreasing
BTC/USD
exchange
rate.
Get
Ready
For
Interest
Rate
Hikes
A
working
paper
by
Daniel
Ringo,
recently
referenced
by
Fortune
Magazine
on
Twitter,
suggests
that
the
Federal
Reserve’s
aggressive
rate
hikes
in
its
effort
to
contain
inflation
may
be
contributing
to
the
growing
inequality
gap.
Investors
are
keeping
a
close
eye
on
Jerome
Powell’s
press
conference
post
the
policy
meeting
to
get
an
idea
of
how
interest
rates
may
move
in
the
future
and
at
which
point
will
the
Federal
Reserve
pause
its
rate
hike.
At
the
Federal
Reserve
meeting
on
February
01,
investors
anticipate
a
0.25%
boost
in
the
federal
funds
rate
to
4.5%-4.75%,
which
will
result
in
a
gradual
rise
for
the
second
consecutive
time.
According
to
the
Labor
Department’s
report,
which
is
set
to
be
released
on
February
3rd,
an
estimated
185,000
jobs
will
be
added
in
January,
which
is
lower
than
the
223,000
recorded
in
December.
Positive
economic
developments
are
expected
to
have
a
positive
effect
on
the
prices
of
BTC/USD.
Bitcoin
Price
Currently,
the
price
of
Bitcoin
is
$23,258
and
has
lost
over
1%
over
the
last
24
hours.
Its
market
volume
is
estimated
to
be
at
$26
billion
while
its
market
cap
stands
at
an
impressive
$488
billion
and
holds
the
first
position
on
CoinMarketCap’s
rankings.
On
the
4-hour
timeframe,
the
BTC/USD
price
is
struggling
to
break
above
the
$24,000
resistance
level
and
has
fallen
to
retest
the
$23,000
support
level.
Bitcoin
Price
Chart
–
Source:
Tradingview
A
break
below
this
level
has
the
potential
to
send
Bitcoin’s
price
down
to
$22,600
or
$22,350.
The
$23,000
support
zone
is
driven
by
the
4-hour
timeframe’s
50-day
moving
average,
and
closing
candles
above
this
level
has
the
potential
to
drive
a
bullish
reversal
in
the
BTC/USD
price.
Consider
looking
for
buying
positions
over
$23,000
with
a
target
price
of
$23,550
or
$24,000.
Alternatively,
sell
positions
can
be
taken
if
the
$23,000
support
zone
is
breached.
Buy
BTC
Now
Bitcoin
Alternatives
CryptoNews
recently
published
a
list
of
the
15
most
promising
cryptocurrencies
for
2023.
If
you
want
to
invest,
there
are
alternative
ventures
that
can
provide
a
good
return
if
you
do
your
research.
Cryptocurrency
investors
and
traders
are
constantly
monitoring
altcoins
and
ICOs
in
the
digital
asset
arena
to
stay
on
top
of
all
emerging
trends
and
opportunities.
Disclaimer:
The
Industry
Talk
section
features
insights
by
crypto
industry
players
and
is
not
a
part
of
the
editorial
content
of
Cryptonews.com.
Find
The
Best
Price
to
Buy/Sell
Cryptocurrency
Cryptocurrency
Price
Tracker
–
Source:
Cryptonews