Bitcoin Faces Severe Selling Pressure as Bulls Domination Fades

• At the time of writing, Bitcoin is trading at $36,908, down 1.56% in the last 24 hours.
•  If the price manages to go above $37,810 then it will likely retest $38,260 level.

Bitcoin bulls are keeping a close watch on past developments that indicate December might be another positive month for the BTC price.

Bitcoin’s price has been on an upward trend lately; it gained 28.5% in October and is anticipated to record a 7.18% surge by the end of November. According to the past numbers, the fourth quarter is one of the best for the crypto market all year. As of the moment, 2023’s fourth quarter is ending with a noteworthy 37.7% increase.

The mining difficulty for Bitcoin has increased again after a recent difficulty modification to the network. With this update, the mining difficulty of Bitcoin attained an all-time high (ATH), making it the sixth straight increase.

Bitcoin’s mining difficulty has reached an ATH of 67.96T after a recent tweak at block 818,496. The network’s mining difficulty increased by 3.40 percent during the last day. In the previous three months, the network’s mining difficulty increased by 22.18 percent. There was a rise of 11.35% over the last 30 days, and increase of 5.07% during the past 7 days. This will ultimately have a severe impact on the price of Bitcoin.

Bears Taking Control

At the time of writing, Bitcoin is trading at $36,908, down 1.56% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 95.55%. The price recently broke the support level of $36,980 and will likely test $36,340.

The price has been facing severe selling pressure after hitting a high of $38,260 on November 24. However, if the price manages to go above $37,810 then it will likely retest $38,260 level.