Bitcoin Dey Test 100-Day EMA for $111K–$112K As Fees Reach 2011 Low
Bitcoin dey near one important medium-term support level for di 100-day exponential moving average (EMA) wey be around $111,000–$112,000. If dem no fit hold dis zone, e fit make di current correction quicken and increase di downward pressure on altcoins. Glassnode on-chain data show say Bitcoin daily transaction fees (14-day SMA) don fall reach about 3.5 BTC, di lowest since late 2011, wey mean say demand dey weak. Technical indicators dey show recent rejection for 50-day EMA, falling RSI readings and low buyer volume, all dey favor sellers. Traders suppose dey watch daily closes against 100-day EMA, on-chain metrics and volume patterns to fit manage risk and prepare for possible deeper retracements if support no gree hold.
Bearish
Di kombinasin di di test wan key support (100-day EMA) an transaction fees wea reach 14-year low mean say on-chain demand dey weak an di bearish momentum dey grow. Historically, when di big EMA no hold, e dey lead long corrections, like for 2022 bear market when dem break under di 100-day EMA before deeper decline. Di recent reject for 50-day EMA, di RSI dey go down an buyer volume low enough mean say seller dey inside control. Short term, Bitcoin fit suffer deeper retracement if e close strong below $111K–$112K. Long-term recover depend on getting back these moving averages an network activity dey pick up.