Bitcoin Fees Don Fall Reach 2011 Lows, Price Dey Eye $111K Support
Bitcoin transaction fees (14-day SMA) wey dey on-chain data from Glassnode don drop to 3.5 BTC, level wey last happen for late 2011. This sharp drop for fees dey show say demand dey weak and fit mean say Bitcoin price fit dey go down more. Technical indicators dey show say BTC no fit hold pass im 50-day EMA, this one na bearish sign wey mean sellers pass buyers. Di next big support na for di 100-day EMA, around $111,000–$112,000. If e break down that zone, e fit make correction deep and drag altcoin markets down. Meanwhile, RSI dey trend down, e still dey confirm di negative momentum. Traders suppose watch di move for $111K: rebound fit bring confidence back, but if e break, e fit start deeper correction. Make una check trading volume to sabi whether buyers or sellers dey control. For now, Bitcoin dey for one important crossroad, and everybody for market suppose dey monitor these on-chain metrics and moving averages to sabi di next trend.
Bearish
Bitcoin transaction fee dem dey fall reach multi-year low and e no fit maintain above 50-day EMA show say demand dey go down and sell-side pressure dey increase. For history, when fee and moving averages combine show bearish momentum, Bitcoin dey enter deeper corrections, like e happen before for 2018 and 2022. The 100-day EMA wey be about $111,000 na critical support level; if e break clear below, e fit trigger plenty sell orders and make plenty altcoins dey sell off. The declining RSI and small buyer volume still show risk for extended downside. For short term, traders fit still see price dey weak, and if e break sustain, e fit signal long-term bearish phase. Only strong rebound pass 50-day EMA wey get more volume go fit cancel the current bearish setup.