Cryptonews - The Bitcoin (BTC) blockchain has achieved a new milestone with its hash rate reaching an unprecedented level of 1.046 zettahashes per second, representing the strongest security level in the 16-year history of the digital currency.
This achievement comes at a time when approximately 93.3% of the total Bitcoin supply of 21 million BTC has been mined, with only 1.4 million BTC remaining to be mined over the next century considering the halving mechanism that reduces mining rewards every four years. The timing is significant as currently 126 public companies hold Bitcoin in their financial reserves, collectively holding 819,857 BTC, or 3.9% of the total supply.
At the same time, mining difficulty has increased by 6.81% to reach an all-time high of 121.51 trillion, creating a highly competitive environment that has forced many miners to sell large amounts of their holdings to cope with the economic pressures following the recent halving.
Short-term technical analysis also confirms Bitcoin's relative stability within a positive range, with key resistance levels at $108,026, $110,321, and $111,870, while the 25-candle exponential moving average provides a moving support level at $107,935.
It seems that the downward trendline - which acts as a moving resistance level - has begun to lose momentum, which typically indicates the onset of upward momentum. Additionally, the price has risen above Fibonacci extension levels and golden crosses have formed from short-term movement indicators above their long-term counterparts. Therefore, the technical outlook initially supports expectations of reaching $111,870. If the price rises above this resistance level, it might head towards $115,000-$120,000 in the near term, provided Bitcoin maintains support above the 105,000-107,000$ zone.
