Will BTC mining get more difficult? Here’s what this analyst says

ambcrypto.com:

Although Bitcoin’s [BTC] price could not break over the $23,000 resistance zone, the network’s block production difficulty has continued to rise steadily. However, it had rebounded and was reattempting a test at the $24,000 price range at press time, according to the examined daily period chart. 

Read Bitcoin’s [BTC] Price Prediction 2023-24

It was trading at about $23,900 as of this writing, with a value rise of approximately 3%. Also, on a daily timescale, the price range between $23,136 and $22,561 acted as its support area.

Source: TradingView

As the price dropped, the Relative Strength Index (RSI) also showed signs of a decrease. However, it continued to trade above the neutral line, demonstrating the dominance of a bull trend.

The lengthy Moving Average (blue line), located slightly below the price movement, also served as a support area at about $19,600. Yet, because of the rise in Mining Difficulty, investors and miners may not want Bitcoin to revert.

According to a Glassnode analyst on 28 February, regardless of BTC’s fall, it was still higher than the Difficulty Regression Model (DRM) indicator.

As the price is above the DRM, miners have come back online, hash rate exploded.

A good indicator of a bear and bull market pic.twitter.com/zhZyNsPtr5

— James V. Straten (@jimmyvs24) February 28, 2023

Changes in Bitcoin’s mining difficulty can be predicted with the help of a statistical model called the Bitcoin Difficulty Regression Model. Using a statistical model, researchers can foretell how Bitcoin’s mining difficulty will