{"id":375397,"date":"2021-12-02T15:43:40","date_gmt":"2021-12-02T12:43:40","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-sees-first-downward-difficulty-move-in-5-months-amid-uncertainty-over-hodler-spending\/"},"modified":"2021-12-02T15:43:40","modified_gmt":"2021-12-02T12:43:40","slug":"bitcoin-sees-first-downward-difficulty-move-in-5-months-amid-uncertainty-over-hodler-spending","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-sees-first-downward-difficulty-move-in-5-months-amid-uncertainty-over-hodler-spending\/","title":{"rendered":"# Bitcoin sees first downward difficulty move in 5 months amid &#8216;uncertainty&#8217; over hodler spending"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_89 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6af5ae3f5d1ee\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6af5ae3f5d1ee\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-sees-first-downward-difficulty-move-in-5-months-amid-uncertainty-over-hodler-spending\/#Difficulty_adjusts_to_20_BTC_price_dip\" >Difficulty adjusts to 20% BTC price dip\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-sees-first-downward-difficulty-move-in-5-months-amid-uncertainty-over-hodler-spending\/#Long-term_holder_spending_sparks_%E2%80%9Cuncertainty%E2%80%9D\" >Long-term holder spending sparks &#8220;uncertainty&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin sees first downward difficulty move in 5 months amid &#8216;uncertainty&#8217; over hodler spending <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Bitcoin (BTC) is in a tight battle between bulls and bears and the network is now reacting, data shows.<\/p>\n<p>Trackers <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/btc.com\/stats\/diff\">reveal<\/a> that this week, Bitcoin difficulty sn<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ed an 18-week green streak to post its first decrease since July.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Difficulty_adjusts_to_20_BTC_price_dip\"><\/span>Difficulty adjusts to 20% BTC price dip\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Amid cyclical short-term price action, concern remains that Bitcoin is not done retracing from its latest $69,000 all-time highs.<\/p>\n<p>Having surprised analysts and even rejected one lifelong price model, BTC\/USD over the past month feels like uncharted territory \u2014 despite roughly doubling year to date.<\/p>\n<p>\u201cWith Bitcoin now over 20% below the all-time-high, headlines in traditional <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a> have declared that Bitcoin has entered a bear market,\u201d on-chain analytics firm Glassnode summarized in its latest weekly <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>letter, &#8220;<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/insights.glassnode.com\/the-week-onchain-week-48-2021\/\">The Week On-Chain<\/a>.&#8221;<\/p>\n<blockquote><p>\u201cHowever it may surprise some readers that this current market correction is actually the least severe in 2021. Some might even say business as usual for a Bitcoin HODLer.\u201d<\/p><\/blockquote>\n<p>Nonetheless, network fundamentals are now taking the latest dip into account. On Sunday, difficulty fell 1.5% \u2014 after rising continually for nine straight periods. The next adjustment is currently slated to produce a further decrease of nearly 2%.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-12\/452776f2-d338-4884-bd2e-267b75b4b023.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin difficulty 7-day average chart. Source: Blockchain<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Long-term_holder_spending_sparks_%E2%80%9Cuncertainty%E2%80%9D\"><\/span>Long-term holder spending sparks &#8220;uncertainty&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Surveying the landscape, Glassnode did not rule out further price declines. <\/p>\n<p><strong><em>Related:\u00a0Bitcoin tests traders\u2019 nerves as analyst reissues $400K BTC price forecast<\/em><\/strong><\/p>\n<p>A combination of long-term holder selling, high open interest on derivatives markets and other phenomena could spark a continuation of the downtrend to new local lows.<\/p>\n<p>\u201cOpen interest leverage in options and futures at or near ATHs, which is cause for some concern regarding heightened &#8216;flush out&#8217; potential. Funding rates suggest an only slightly positive bias, making both a long- or short- squeeze plausible scenarios,\u201d it concluded.<\/p>\n<p>Regarding LTH behavior, it added:<\/p>\n<blockquote><p>\u201cLong-Term Holders have distributed 5.8% of the supply accumulated since March and some uncertainty exists based on their spending patterns.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-12\/c0ee8a2b-298c-4c80-a8f5-221c7df8bb27.png\"><figcaption style=\"text-align: center;\"><em>Long-term holder spent price annotated chart. Source: Glassnode<\/em><\/figcaption><\/figure>\n<p>Discussing open interest, meanwhile, analyst Willy Woo noted that in a post-ETF environment, activity may just remain higher and not necessarily signal turbulence on the horizon.<\/p>\n<p>\u201cIMO it doesn\u2019t necessarily need to be flushed,\u201d he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/woonomic\/status\/1466370598305632257\">tweeted<\/a>. <\/p>\n<blockquote><p>\u201cIt could be a sign of the time with and uptake of the cash and carry trade post futures ETFs.\u201d<\/p><\/blockquote>\n<p>BTC\/USD circled $56,000 at the time of writing Thursday after spending the past 24 hours repeating a run to $59,000 and subsequent rejection.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/p>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-sees-first-downward-difficulty-move-in-5-months-amid-uncertainty-over-hodler-spending\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin sees first downward difficulty move in 5 months amid &#8216;uncertainty&#8217; over hodler spending &#8221; Bitcoin (BTC) is in a tight battle between bulls and bears and the network is now reacting, data shows. Trackers reveal that this week, Bitcoin difficulty snapped an 18-week green streak to post its first decrease since July. Difficulty&#8230;<\/p>\n","protected":false},"author":1,"featured_media":375398,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTIvN2Y1YzM1OGEtNDBhZi00NmNhLTg1MWEtNjAzOWQ2MDZkZmI1LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785],"class_list":["post-375397","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/375397","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=375397"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/375397\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/375398"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=375397"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=375397"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=375397"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}