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- The number of BTC addresses experiencing losses has started to increase again, reaching its peak in 7 months.
- The price has been stabilizing for a considerable period.
Currently, there are approximately 560,000 unconfirmed transactions on the Bitcoin network. Additionally, there have been significant rises in transaction fees and processing delays due to this congestion. The heightened network activity is associated with the interest surrounding Ordinals and BRC-20 minting. According to the Mempool, miners are struggling to keep pace with the network’s unprecedented demand as the average block mining time has escalated to 10.9 minutes.
Arthur Hayes, the former CEO and co-founder of BitMEX, has shared his insights on the future of Bitcoin, forecasting a bull market that is already in progress and will become more apparent in the next 6-12 months. Hayes elaborated on his predictions for the Bitcoin market during his presentation at Korea Blockchain Week.
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Prolonged Consolidation Phase
Bitcoin’s price remains below the $26,000 mark, unable to maintain a consistent upward movement, while the overall crypto market is undergoing a prolonged phase of low volatility. This period of inactivity has persisted for several weeks, with no signs of a shift.
Source: CoinMarketCap
Furthermore, data from Glassnode indicates that the number of BTC addresses in loss has begun to rise again, reaching its highest level in 7 months. At the time of this report, BTC is trading at $25,741, reflecting a decrease of 0.05% over the last 24 hours. The price has been stabilizing for a considerable duration.
If the price succeeds in surpassing the $26,100 resistance level, a rally towards $27,120 is anticipated. Conversely, if it falls below the $25,400 support level, a further decline to $24,780 is expected. The price is poised to move significantly in either direction, awaiting a catalyst, whether negative or positive.
