- Bitcoin transaction fees drop 64%, reflecting reduced network activity.
- Miners’ selling pressure increases, driving Bitcoin price below $64,000.
The Bitcoin market is experiencing its least bullish phase since September 2023, with BTC stagnating around $64,310, down 0.36% and trading volume declining by 7% in the past 24 hours. Transaction fees on Bitcoin’s network have plummeted by 64% to $19.2 million, signalling reduced activity and contributing to bearish sentiment.
CryptoQuant reports a two-month high in Bitcoin sales by miners, driven by reduced mining rewards and lower transaction fees. Despite this, institutional interest persists, with Dell Technologies CEO Michael Dell hinting at Bitcoin’s value in a recent tweet.
Whale activity has also been notable, with 10,500 BTC (approximately $675 million) and 800 BTC (around $51 million) transferred to unknown wallets and Kraken, respectively.
Bitcoin’s price is currently below the critical support level of $65,800, suggesting a potential correction toward $60,000. Bulls need to maintain momentum, with significant milestones at $66,524 and $69,904 if the upward trend continues.
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