“Bitcoin is going through tough times,” accurately describes the current scenario where BTC is at risk of falling below $61,000. This is attributed to the testing of critical support levels like the 100-day simple moving average (SMA) and the short-term holder realized price (STH-RP), which are essential in a bull market. Noted trader Skew emphasizes the importance of witnessing seller absorption to affirm strong demand.

The mining difficulty, which reflects the computational effort required to mine new BTC, is anticipated to reduce by 5.5%. This adjustment is the most significant decrease since the end of the bear market in 2022. Difficulty adjustments occur every 14 days, and with an expected adjustment of -7%, the difficulty hashrate is projected to be around 585 EH/s. Despite the reduction in hashrate, it remains above early predictions, indicating continuous mining activity.