Bitcoin’s average transaction fee has just hit 8 month low in the last 24 hours with a value a of $0.07. This is a stark contrast to the year high of $3.71 achieved a few months ago when the coin was at the apex of its growth for the year.
This is surprising, given that a total number of 351,632 transactions were conducted during this period which is 4% above the year average.
In addition, the volume of $15,868,748,866 was the highest in four days and 3% above the year average.
It could be that the recent loss in value by the coin has contributed largely to the drop in transaction fees. Miners have reportedly suffered losses due to the bearishness of price in September and there are little signs that Bitcoin will hit the bullish streak experienced in the second quarter of the year.
Bitcoin Price Analysis
Bitcoin is currently trading in the green zone, as the crypto market is generally positive with several altcoins making gains in the last 24 hours of trading. The leading coin is currently valued at $8,264.08 with its market capitalization at $16,747,642,299.
There have been several developments within the bitcoin community that have driven the price of the coin up after it appeared to be on a downward curve some few weeks back.
Will Bitcoin follow the current bullish momentum To $8500?
At the moment it is quite difficult to predict if after the current bullish push we will see a break in the consolidation towards the $8500 mark.
Seen from the daily chart, we can observe a strong control on the part of the buyers, reflected with a strong bullish enveloping candle. This can be considered as part of the well-known Morning Star candle pattern; a formation that indicates the completion of a bearish push, and a subsequent bullish momentum.
However, the formation of this candle pattern does not fully demonstrate that the price wants to exceed $8,500; We have already seen the strong bearish reactions that the consolidation resistance can cause.
If after the expected bullish momentum for this week, we see an effective breakdown of the nearby barrier at 8,500.