thenewscrypto.com
- Bitcoin price spiked by 2.47% in the last 24 hours, trading at $64.3K.
- $BTC transaction fees have surged by over 32%.
The cryptocurrency market is attempting to recover from the downside trajectory. Overall market cap has reached $2.24 trillion within the past 24 hours. The recent price momentum of Bitcoin ($BTC) suggests the brief possibility of further gains.
After dipping below the major support levels, $BTC has moderately rebounded in the past few days. Notably, over the past 24 hours, the asset has gained 2.47%. The asset plunged to $62,035 and eventually reached a peak of $64,464.
During this timeframe, the daily trading volume of $BTC has increased by 47% to $23.69 billion, and currently, the asset trades at $64,340, as per CMC data.
Moreover, the Fear and Greed Index of $BTC stays at 48, suggesting neutral sentiment in the market. Reportedly, Bitcoin has witnessed a 24-hour liquidation of $52.32 million.
On the other side, the transaction fees of Bitcoin soared by over 32% last week, with miners earning $5 million in fees. Crypto analysts hint the fee hike coincides with the resurgence in Runes transactions, which is a fungible token standard on the Bitcoin network. Reportedly, the transactions have crossed over 50% of Bitcoin’s blockspace in the past week. It pushes the average $BTC transaction fee up by 65%.
What’s Ahead for $BTC Price?
The asset started trading at $63,625 when the last week began. As days progressed, the Bitcoin price fell back to a low of $59K range. The downside pressure continues, and $BTC struggles to break and soar above $63K.
If the uptrend of $BTC restates its momentum, the asset will likely test the initial resistance at around $65,640. Breaking this range could lead to a rally further towards a high target. Conversely, if this uptrend fails, $BTC could fall to a support zone at $63,275. The price might potentially fall even lower if the downside momentum persists.
At press time, the technical chart displays the short-term 50-day MA at $62,231, and the long-term 200-day MA at $62,054, below the current price range. Besides, the daily relative strength index (RSI) is positioned at 60, indicating $BTC’s price momentum in neutral market sentiment.
Meanwhile, the four-hour Moving Average Convergence Divergence (MACD) of $BTC suggests a negative trend and decreased buying pressure, as the signal line is found below the MACD line.