Bitcoin is beginning to show signs of a potential reversal after experiencing a prolonged bearish trend. Although the cryptocurrency remains below $85,000, it has recorded a 2.6% increase, with its price currently at $83,510. Despite this short-term uptick, Bitcoin is still down by roughly 7.5% over the past week, reflecting a continued downtrend. Regardless of Bitcoin’s price struggles to regain higher levels, CryptoQuant analyst Avocado Onchain has identified a notable trend in BTC mining activity. Related Reading: Bitcoin’s SOPR Nears Critical Level—Is a Deeper Correction Ahead? Rising Bitcoin Mining Difficulty and Miner Holding Strategy According to Avocado Onchain, Bitcoin’s mining difficulty has remained in an uptrend even as the market undergoes a 30% correction. The analyst wrote: During the extended correction phase that began in March 2024, mining difficulty saw a temporary drop, leading some to speculate that it resembled the end of the 2021 cycle. However, contrary to those predictions, Bitcoin’s price rebounded sharply. Although it is now undergoing a ~30% correction, mining difficulty continues to climb. Historically, a decline in mining difficulty has been associated with miners shutt ..
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