- BTC addresses in loss have begun to rise again, reaching its highest level in 7 months.
- The price has been consolidating for quite some time now.
There are presently around 560,000 unconfirmed transactions on the Bitcoin network. Moreover, there have been considerable increases in transaction costs and delays in processing due to this congestion. The unusual network demand is related to the excitement around Ordinals and BRC-20 minting. According to the Mempool, miners are straining to keep up with the network’s record demand as the average block mining time has grown to 10.9 minutes.
Former BitMEX CEO and co-founder Arthur Hayes has spoken out on what’s next for Bitcoin, predicting a bull run that is already underway and will become more evident in the following 6-12 months. Hayes discussed his forecasts for the Bitcoin market during his talk at Korea Blockchain Week.
Pro-long Consolidation Phase
Bitcoin’s price is stuck below the $26,000 level, unable to sustain a steady ascent, and the crypto market as a whole is experiencing an extended period of low volatility. This lull has lasted for weeks now, and there are no indications of a turnaround.
Moreover, Glassnode data shows that the number of BTC addresses in loss has begun to rise again, reaching its highest level in 7 months. At the time of writing BTC is trading at $25,741, down 0.05% in the last 24 hours. The price has been consolidating for quite some time now.
If the price manages to break over the $26,100 resistance level then it is expected to rally all the way till $27,120. On the other hand, if the price manages to break below the $25,400 support level then a further decline till $24,780 is expected. The price is all set to burst in either direction, waiting for a catalyst, either negative or positive.
