- Due to a steady decline in daily transactions on the Bitcoin network, network fees have fallen by more than 15% over the past seven days.
- With a strong resistance at USD 26,000, BTC accumulation has declined.
The average transaction costs on Bitcoin [BTC] network fell more than 15% over the past week to about $0.85 on Aug. 26. This represented the lowest level since July 30, according to data from IntoTheBlock.
Bitcoin fees are down more than 15% this week as the number of transactions has decreased. pic.twitter.com/8WSdgvYRiu
— IntoTheBlock (@intotheblock) August 26, 2023
How much is 1.10.100 BTC worth today?
The decrease in fees was due to a slowdown in the number of transactions on the network. According to data from Blockchain.comthe number of daily transactions on the Bitcoin network fell sharply after deleveraging on August 17. Within 24 hours of the capital exodus, the number of daily transactions on the network had fallen by more than 15%.
On August 26, the number of daily confirmed transactions on the Bitcoin network reached 497,513.
Source: Blockchain.com
The price of the coin continues to stagnate at $26,000
At the time of writing, the price per BTC was $26,026, according to data from CurrencyMarketCap. After briefly trading hands above $26,500 on August 23, the leading coin’s price corrected and has been trading below $26,100 ever since.
The emergence of a new bear cycle on August 16, a day before deleveraging in the coin’s futures markets, has caused BTC to face further resistance at the $26,000 price level. As positive sentiment continues to be under pressure, the accumulation momentum among daily traders has diminished.
While the bear cycle was still underway at the time of writing, BTC’s MACD line remained below the trendline.
The coin’s Directional Movement Index (DMI) highlights the strength of BTC sellers in the current cycle and showed that BTC bears controlled the market on a daily chart. At the time of writing, the positive directional index (green) at 13.16 was below the negative directional index (green) at 29.27.
In addition, the Average Directional Index (ADX) was 31.64. An ADX reading above 25 indicates that the trend is strong. This often indicates that the price is moving in a clear direction and is likely to continue moving in that direction.
Realistic or not, here is the market cap of BTC in ETH terms
In this case, the BTC sellers have overwhelmed those interested in buying the coin, and the price could hang below $26,500 until sentiment improves.
As the market ponders the coin’s next price direction, its accumulation has decreased significantly. Key momentum indicators showed that BTC was oversold as many ‘dump’ their wallets to avoid exposure to further price declines. The coin’s Relative Strength Index (RSI) was 24.68, while its Money Flow Index (MFI) was 14.73.
Source: BTC/USDT, TradingView