Bitcoin Price Reclaims $27,000 as Network Strength Grows

Highlights

• The bitcoin price jumped past $27,000.
• The Bitcoin network remains strong as the difficulty rate for miners soars to a fresh all-time high.
• The Bitcoin Pizza Day anniversary did little to boost the BTC price but is still significant.

The bitcoin price has broken through the $27,000 level in the middle of a prolonged bear market. Investors could be buying amid signs that the U.S. government is nearing a breakthrough on the debt ceiling crisis. Meanwhile, the Bitcoin network itself is showing signs of strength. 

BTC Mining Strength

Bitcoin’s mining difficulty rate in recent days climbed to a fresh all-time high even as the price remains stuck in the doldrums. The rising rate reflects mining activity and is a sign of a strong and secure network, which is bullish for the long-term viability of the network when the buyers return. 

The Bitcoin network this month experienced an adjustment in difficulty by just over 3% to a fresh all-time high. The network’s hashrate is hovering at 354.55 EH/s. This performance reflects a growing interest in bitcoin among miners as they increasingly turn on their machines to create more BTC. It’s a bullish sign and could be a harbinger of greater bitcoin adoption in the future.

Meanwhile, the next bitcoin halving event, which historically is accompanied by a bull market, is less than one year away.

Bitcoin Pizza Day Rolls Around

The bitcoin price failed to receive much of a bump from the annual celebration of Bitcoin Pizza Day. The 13th anniversary, which came on May 22, marks when bitcoin holder Laszlo Hanyecz paid over 10,000 BTC for a couple of Papa John’s pizzas. Bitcoin bull and former MicroStrategy CEO Michael Saylor celebrated the day in style.

I hope everyone had a great #Bitcoin Pizza Day. pic.twitter.com/e0WYoNNLhG

— Michael Saylor⚡️ (@saylor) May 23, 2023

If he would have held onto his bitcoin stash, it would be worth approximately $270 million today. However, he is still hailed as a hero among the bitcoin community for bringing a great deal of attention the space and showcasing bitcoin’s use case as a medium of exchange.