💡 Market Update: $BTC & Altcoins💡
As per the chart below BTC Transaction fees just hit a new ATH, what does that mean? Well yesterday the 4th crypto cycle ended as the BTC halving was completed. We have seen today very high transaction fees happening as we will assess the halving effect & explain what happens next. Let's Dive In🥂
💸All Time High BTC Transaction Fees💸
As the miners earn now half what they were earning in the past 4 years, we saw very high transaction fees taking place as miners now need to increase BTC price to cover the energy expenses and eventually profit. The first sign of increasing the price is charging higher transaction fees.
✨What is Next for BTC✨
Usually the price of BTC start to skyrocket after 6 to 9 months from halving, thus leading the whole market to increase. As for today, BTC price still hovering between $64K to $63K as the Halving had no direct impact on the BTC price. The BTC graph is still consolidating sideways and we can expect the market to be very Volatile in the weekend, as SPOT ETF market is closed.
An increase over $64.6K for more than 1 hour could tend to push BTC price upward as the next resistant level is $69.8K.
A decrease in price of BTC below $59K for 1 hour could lead BTC to dump to the next support level which is around $52.4K.
🪙 Altcoins Status 🪙
As BTC dominance is slowly decreasing, we are seeing most Altcoins recover and others are still hovering sideways, waiting for BTC's next move. We saw $WIF recovered most while $ETH is still slowly decreasing in price. We should expect Altcoins to continue the sideways movement in the weekend until BTC makes it's next big move.
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