Bitcoin Transaction Fees Drop 64%: Reflecting Reduced Network Activity

Summary:

The Bitcoin market is currently experiencing a bearish phase with the price hovering around $64,000. Transaction fees on the network have dropped by 64%, indicating reduced activity. Miners are increasing selling pressure on Bitcoin, driving the price down.

Introduction:

The Bitcoin market is facing challenges as the price stagnates around $64,000. There has been a significant decrease in total transaction fees on the network by 64%, reflecting reduced network activity. Miners are adding selling pressure to the market, pushing Bitcoin’s price lower.

Main Points:

Amidst the least bullish phase since September 2023, Bitcoin’s price is at $64,310 with a 0.36% decline. Transaction fees have plummeted to $19.2 million, signaling reduced network activity. Selling pressure has increased due to factors such as reduced mining rewards and lower transaction fees.

Conclusion:

Despite challenges, Bitcoin continues to attract institutional investors. Recent movements by whales and the interest shown by Michael Dell highlight ongoing attention in the market. The critical support level of $65,800 is key, with a potential 8%-12% correction towards $60,000 if the downward trend persists.