Bitcoin Miner Fees Remain Near Cycle Lows: What Does This Signal?
Bitcoin has slipped below the $83,000 level as selling pressure continues to dominate global markets, extending a correction that has unfolded alongside broader risk-off conditions. Weakness across equities and commodities has weighed on investor sentiment, and Bitcoin has not been immune to this environment. With volatility elevated and liquidity thinning, market participants are increasingly cautious, and several analysts now point to the possibility of a deeper retracement toward lower demand zones before any meaningful stabilization can occur. Price is firmly below the 50-day and 100-day moving averages, both of which are sloping downward and acting as dynamic resistance, while the 200-day moving average remains well above current levels, reinforcing the loss of long-term trend support.Related Reading
The recent breakdown below the $85,000–$84,000 zone is technically significant. This area had previously acted as a short-term base during December and early January. But the failure to defend it suggests that buyers are no longer willing to absorb supply at these levels. Volume spikes accompanying the latest sell-off indicate distribution rather than capitulation, pointing to continued, orderly selling pressure.
The market is transitioning into a price discovery phase toward lower demand zones. If downside momentum persists, the next areas of interest lie near the $80,000 psychological level. Followed by deeper support closer to the low-$70,000 range, where previous consolidation occurred in mid-2024.
Featured image from ChatGPT, chart from TradingView.com
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