Bitcoin Market Faces Bearish Phase with Reduced Transaction Fees

Jun 22, 2024

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Bitcoin Transaction Fees Drop 64%: Reflecting Reduced Network Activity


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.


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.


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.