Bitcoin Price Decline Looms With Surging Transaction Fees

Bitcoin’s decline looms as surging transaction fees weaken investors’ interest. In recent days, Bitcoin (BTC) network transaction fees have surged tenfold, compelling investors and crypto users to explore other cryptocurrencies. This spike in fees, reaching an average of $12.12 in the few hours on November 9–10, sparked a disposition favoring cheaper altcoins over BTC.

CRYPTO BREAKING NEWS
Bitcoin Transaction Fees on the RiseAgain. In the past few days, transaction fees on the Bitcoin (BTC)network have increased by 10 times, prompting investors andcryptocurrency users to se… check us out @ https://t.co/8dh137aX4R pic.twitter.com/g6wdeLwXU8

— InnovatekMobile (@Neome_com) November 11, 2023

Mempool.space data revealed a drastic increase from $1.13 on October 29 to over $4.3 million in fees on November 9–10. The escalating transaction costs, doubling in just forty-eight hours, hint at potential further rises without a discernible peak. Historically, heightened BTC transaction fees divert demand and liquidity towards altcoins, potentially triggering a decline in Bitcoin’s value as participants seek alternatives, which could impact the overall BTC market negatively.

Bitcoin Key Levels To Watch (November 12)

Following the (CHoCH) Change of Character in October 2023, the buying momentum has been increasing immensely. However, the upward trend appears to have entered a major supply zone at $37400.00 as the price began a reversal.

The overall trend of BTCUSD is currently bullish, according to the indications from the MA Cross. Owing to the rapid expansion of the price to the upside from $24900.00, the Stochastic Oscillator has indicated an impending reversal to the downside.

Bitcoin Key Levels

Resistance Levels: $37400.00, $43110.00, $48240.00

Support Levels: $31860.00, $28660.00, $24900.00

BTC Metrics

Total Market Capitalization: $1.34T

Bitcoin Market Capitalization: $0.73T

Bitcoin Volume: $12.6B

Market Rank: #1

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