{"id":338827,"date":"2023-08-27T19:00:47","date_gmt":"2023-08-27T13:30:47","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=338827"},"modified":"2023-08-27T14:14:37","modified_gmt":"2023-08-27T08:44:37","slug":"bitcoin-woes-continue-amid-waning-transactions-slumping-fees","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-woes-continue-amid-waning-transactions-slumping-fees\/","title":{"rendered":"Bitcoin woes continue amid waning transactions, slumping fees"},"content":{"rendered":"<ul>\n<li><em>Due to a steady decrease in daily transactions on the Bitcoin network, network fees dropped by over 15% in the last seven days.<\/em><\/li>\n<li><em>With strong resistance faced at $26,000, BTC accumulation has decreased.<\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The average transaction fee on the Bitcoin [BTC] network dropped by more than 15% in the past week to around $0.85 by 26 August. This represented its lowest level since 30 July, data from IntoTheBlock revealed.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Bitcoin fees have dropped by more than 15% this week as the number of transactions has slowed down. <a href=\"https:\/\/t.co\/8WSdgvYRiu\">pic.twitter.com\/8WSdgvYRiu<\/a><\/p>\n<p>&mdash; Sentora (@SentoraHQ) <a href=\"https:\/\/twitter.com\/SentoraHQ\/status\/1695436519354364389?ref_src=twsrc%5Etfw\">August 26, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<hr \/>\n<p style=\"text-align: center;\">How much are\u00a01,10,100 BTCs worth today?<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">The drop in fees were due to a slowdown in the number of transactions on the network. According to data from <\/span><a href=\"https:\/\/www.blockchain.com\/explorer\/charts\/n-transactions\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Blockchain.com<\/span><\/a><span style=\"font-weight: 400;\">, the count of daily transactions on the Bitcoin network plummeted severely following the deleveraging event of 17 August. Within the 24 hours of the capital exodus, the daily transaction count on the network had dropped by over 15%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As of 26 August, the number of daily confirmed transactions on the Bitcoin network totaled 497,513.\u00a0<\/span><\/p>\n<figure id=\"attachment_338842\" aria-describedby=\"caption-attachment-338842\" style=\"width: 1846px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-27-at-07.40.43.png\"><img decoding=\"async\" class=\"wp-image-338842 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-27-at-07.40.43.png\" alt=\"\" width=\"1846\" height=\"1184\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-27-at-07.40.43.png 1846w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-27-at-07.40.43-300x192.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-27-at-07.40.43-1024x657.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-27-at-07.40.43-768x493.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-27-at-07.40.43-1536x985.png 1536w\" sizes=\"(max-width: 1846px) 100vw, 1846px\" \/><\/a><figcaption id=\"caption-attachment-338842\" class=\"wp-caption-text\">Source: Blockchain.com<\/figcaption><\/figure>\n<h4><b>The coin\u2019s price continues to stagnate at $26,000<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">At press time, the price per BTC was $26,026, according to data from <a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener\">CoinMarketCap<\/a>. After exchanging hands briefly above $26,500 on 23 August, the leading coin\u2019s price corrected and has since traded under $26,100.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The emergence of a new bear cycle on 16 August, a day before the deleveraging in the coin\u2019s futures markets, has caused BTC to face further resistance at the $26,000 price level. As positive sentiment remains beaten down, accumulation momentum amongst daily traders has fallen.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With the bear cycle still underway at press time, BTC\u2019s MACD line remained positioned beneath its trend line.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Highlighting the strength of BTC sellers in the current cycle, the coin\u2019s Directional Movement Index (DMI) showed that BTC bears had control of the market on a daily chart. As of this writing, the positive directional index (green) at 13.16 rested below the negative directional index (green) at 29.27.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Moreover, the Average Directional Index (ADX) was 31.64.\u00a0 An ADX reading above 25 indicates that the trend is strong. This often signals that the price is moving in a clear direction and is likely to continue to move in that direction.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Realistic or not, here\u2019s <a href=\"http:\/\/ambcrypto.com\/calculator\/marketcap\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">BTC\u2019s market cap in ETH terms<\/a><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">In this case, the BTC sellers have overpowered those interested in buying the coin, and its price might continue to linger below $26,500 until sentiment improves.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As the market mulls over the coin\u2019s next price direction, accumulation has dwindled significantly. Key momentum indicators showed that BTC was oversold, as many take to \u201cdumping\u201d their bags to prevent exposure to any further price drops. The coin\u2019s Relative Strength Index (RSI) was 24.68, while its Money Flow Index (MFI) was 14.73.<\/span><\/p>\n<figure id=\"attachment_338837\" aria-describedby=\"caption-attachment-338837\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/BTCUSD_2023-08-27_07-31-26.png\"><img decoding=\"async\" class=\"wp-image-338837 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/BTCUSD_2023-08-27_07-31-26.png\" alt=\"\" width=\"2560\" height=\"1109\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/BTCUSD_2023-08-27_07-31-26.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/BTCUSD_2023-08-27_07-31-26-300x130.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/BTCUSD_2023-08-27_07-31-26-1024x444.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/BTCUSD_2023-08-27_07-31-26-768x333.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/BTCUSD_2023-08-27_07-31-26-1536x665.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/BTCUSD_2023-08-27_07-31-26-2048x887.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-338837\" class=\"wp-caption-text\">Source: BTC\/USDT, TradingView<\/figcaption><\/figure>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Transaction count suffered a drawback on the Bitcoin network, causing average network fees to drop to a one-month low in the last week. <\/p>\n","protected":false},"author":64,"featured_media":338844,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[],"class_list":["post-338827","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.5 (Yoast SEO v28.5) - 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