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- 1 Bitcoin Transactions have been seeing huge congestion with a surge in transactions fees
- 2 BTC price is currently trading near the value of $28195 with a drop of 3% in the intraday session
Bitcoin is one of the world’s first cryptocurrencies and the price of Bitcoin has seen strong gains since its launch. It is one of the most valuable cryptocurrencies which has the highest market cap. Bitcoin network is going through an exciting phase and sparking much-heated debate on Twitter. Many people are saying that the Bitcoin blockchain is currently under DoS attack, causing a fee surge and a lot of unconfirmed transactions.
Before moving further let’s look at what is DoS attack. A denial of Service attack is an attack on a blockchain network that can cause a halt in the transactions. Bitcoin users and Bitcoin wallets have been seeing an overall decline. Meanwhile, some of them believe that the NFTs on the Bitcoin network are causing network congestion and creating a problem for Bitcoin protocol users. There are over 450,000+ transactions currently pending in the blockchain as per MemPool Space. The average transaction fee of BTC price surged to $19 on May 7, 2023, as per the information from Y-charts.
In some rare instances, it is observed that the block demand has surged so high that the transaction fees exceeded the block subsidy. The rise in Bitcoin transactions is increasing congestion on the network. The rise in congestion is shifting users towards bitcoin cash. There is also a huge outflow of Bitcoin from the cryptocurrency exchanges. Many research analysts are considering it a good sign for the Bitcoin blockchain and its adaptation. Bitcoin miners are seeing an increase in revenue in the past week.
Bitcoin has a market cap of $541 Billion with a slight decline in the new address momentum. The Biggest decentralized cryptocurrency Bitcoin has been seeing a slight decline in social engagements in the past few weeks. Meanwhile, the BTC network has generated over $50.5 Million in transaction fees in the past few days.
Will Bitcoin price Rebound From The 50 DMA?
Bitcoin price has been consolidating near $28500 on the weekly chart. It is forming bearish engulfing candles on the Bitcoin price chart. Bitcoin’s price is currently trading near the value of $27649 with a small gain in the intraday session. The upside trend of Bitcoin price can see a halt near the value of $30000.Meanwhile, the support of Bitcoin price can be seen near the value of $26000. Bitcoin is trading below just the 50 DMA and over the 100 Daily Moving Average. If BTC price fails to jump above the $30000 a strong future downside momentum can be seen.
The RSI of BTC price is near 42 suggesting its presence in the neutral zone. There is a downside slope in RSI hinting towards a bearish trend.
Summary
Bitcoin has been seeing a lot of unconfirmed transactions, increasing network congestion. Bitcoin price is currently trading below $28000 and can observe a consolidation for a while.
Technical Levels
Major Support:$26000
Major Resistance:$30000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
