Bitcoin Price Forecast – Has Bitcoin Bottomed Out?
Bitcoin recovered slightly more than 1% during the US session to trade at $19,544. The BTC/USD pair opened the day at $19,266 and has since fluctuated between $19,444 and $19,168. One of the reasons for the recent slowdown in BTC's upward movement can be linked to its latest fundamentals. On October 17, mining a block of bitcoin (BTC) took nearly an hour, delaying the confirmation of hundreds of transactions. Bitcoin Produces No Blocks for Hours According to on-chain statistics from various block explorers, the time difference between the two most recent blocks mined by Foundry USA and Luxor was 85 minutes. According to Mempool, over 13,000 transactions were pending before the recent block mining. Furthermore, Bitcoin had to make a difficult adjustment last week to ensure that block confirmations continued to occur every 10 minutes. It now costs more to mine bitcoin because the mining difficulty has risen to 35.6 trillion, putting pressure ...