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Bitcoin Weekly Forecast: BTC recovery foiled as Elon Musk resurfaces, adoption continues


6/4/2021 1:31:23 PM GMT
Bitcoin price dropped 6% and continues to decline after Elon Musk’s recent tweet.
Google decides to run crypto-related ads after early 2018 ban.
China pulls a 180 as state-run media outlets reveal that the public is free to trade cryptocurrencies.
Bitcoin price is currently witnessing massive selling pressure, likely from retail buyers, after Tesla CEO Elon Musk issued another market-convulsing tweet. Although vague, retail has already started offloading its holdings. While this is bearish in the short-term scenario, several on-chain metrics suggest the opposite.
Bitcoin price tanks
Tesla CEO Elon Musk s involvement in Bitcoin has been an interesting development to track. His tweets on May 12 and May 19 played an important role in accelerating the BTC price crash. ....

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Bitcoin Weekly Forecast: BTC clings to support, on-chain metrics show sellers' onslaught


May 14, 2021 13:46 GMTCrypto News
Bitcoin price has underperformed this week as it crashed roughly 21% between May 12 and 13.
MoneyGram’s partnership with Coinome adds a tailwind to Bitcoin adoption.
The BTC mining industry seems to have come into the spotlight.
Bitcoin price underwent a severe nosedive as Elon Musk revealed Tesla’s decision on accepting payment in BTC. This development was the major highlight of the week, with the recent mining difficulty adjustment coming in at a close second. As BTC price hangs in the balance, most on-chain metrics hint that another crash could be heading the pioneer cryptocurrency’s way.
Tesla pulls the plug, but demand continues rising ....

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Are Bitcoin miners bullish? BTC miners face biggest difficulty bump in 3 months


Market Analysis
Bitcoin (BTC) mining difficulty is increasing by roughly 11% on Jan. 9, according to data from
BTC.com. This marks the biggest increase in nearly four months that will put the metric over 20 trillion for the first time ever. 
Hashrate is on a tear! commented popular pseudonymous Bitcoin trader
hodlonaut three days ago. When difficulty readjusts in 3 days, it will crush through 20T for the first time in Bitcoin history.
Bitcoin network difficulty reaches 20 trillion 
The network difficulty is a relative measure of how hard it is to mine a new block for the Bitcoin blockchain.
With the hash rate currently at record levels of around 148 EH/s, the difficulty adjustment, which occurs every 2016 blocks, makes sure that the time between blocks mined remains 10 minutes on average.  ....

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