- Glassnode posted a thread regarding Bitcoin’s network fees over the weekend.
- According to the tweet, BTC miners received a revenue boost following high network demand.
- At press time, the price of the market leader stood at $28,249.42 following a 2.42% drop.
Glassnode, the blockchain intelligence firm, mentioned via a tweet this morning that “>Bitcoin (BTC) miners received a revenue boost over the past few blocks. According to the post, this increase in revenue for miners comes after the BTC network experienced extremely high demand for blockspace.
Reportedly, the spike in demand for blockspace was driven by BRC-20 tokens, utilizing inscriptions and ordinals. As a result, the average fee paid per block was around 2.905 BTC, which is near historical bull market peaks.
Glassnode went on to mention that a few recent blocks on the Bitcoin network have seen outlandish fees paid of around 5.87 BTC. According to the tweet, this approached 94% of the 6.25 BTC block subsidy.
Despite the recent influx of network activity, BTC’s price experienced a 24-hour loss of 2.42%, and was trading at $28,249.42 at press time according to CoinMarketCap. This negative price movement also flipped the market leader’s weekly price performance into the red at -0.89%.
Daily chart for BTC/USDT (Source: TradingView)
BTC’s price lost the support of the 9-day and 20-day EMA lines in the past 48 hours, and continued to trade below the two EMA lines at press time. Bulls may identify the crypto’s current price as a buy opportunity given that it is resting on the $27,800 support level – a level from which BTC’s price has already bounced off of in the last week.
Should traders take advantage of the buy opportunity, BTC’s price will most likely make a move toward the resistance level of $29,600 in the next week. One thing that may serve as an obstacle in BTC’s recovery to the resistance level is the Core Inflation Rate data being released on Wednesday, as negative news will result in a price pullback.
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