The cryptocurrency market has been experiencing a lot of turbulence lately, with both Bitcoin and Ethereum struggling to gain momentum.
Bitcoin It is currently facing bearish pressure and struggling to stay above the $27,750 support, which is leading many traders to speculate whether there is more selling going on.
During this, Ethereum It failed to break the $1,850 resistance, which made investors wonder whether there are more downsides ahead.
In this price prediction, we will take a closer look at the current state of both Bitcoin and Ethereum and provide some predictions for where the market could be headed.
Bitcoin Price Falls for Fourth Day in a Row as Binance Withdrawals Cause Blockchain Congestion
According to CryptoQuant, a research firm, BinanceThe largest cryptocurrency exchange carried over $4 billion worth of bitcoins between its crypto wallets.
This high volume of transactions resulted in congestion on the blockchain, causing Binance to halt BTC withdrawals twice in 24 hours.
The congestion also led to a jump in transaction fees, which exceeded block rewards for the first time since 2017.
Typically, miners receive a reward equivalent to around 6.25 bitcoins, but crowdfunding increased the fee to 6.7 bitcoins, surpassing the block reward for the first time in six years.
On Monday, the bitcoin mempool reached nearly 98% capacity, causing congestion and high transaction fees, and BTC withdrawals stalled.
The mempool is where unconfirmed transactions are stored on the bitcoin blockchain network before they are confirmed by miners.
Miners usually prioritize high fee transactions, resulting in large transaction sizes and low fee transactions being left in the mempool for long periods of time, causing congestion.
The negative news and FUD surrounding Binance caused the bitcoin price to fall below the $28,000 mark by almost 4.5% in just three days.
bitcoin price
On May 9, bitcoin price It continued to decline for the fourth day in a row, reaching $27,626, a decrease of almost 2% over the past 24 hours.
From a technical perspective, bitcoin is facing a major hurdle near the $27,750 level.
If it breaks below this level, bitcoin could form a doji candlestick pattern, which suggests that the bullish bias is weakening and sellers could dominate the market, especially if bitcoin breaks the support level on the two-hour time frame. closes below.
On the other hand, the immediate support level for bitcoin remains near $27,226. If the downtrend continues, bitcoin price could potentially decline towards $26,500 and $26,000.
ethereum price
current price of Ethereum $1,845, and has declined marginally by about 2% over the past 24 hours.
On the technical front, Ethereum is facing resistance near the $1,850 level and it is currently trading with a slight bearish bias after failing to break above this particular level.
At the moment, it is forming a bearish candle on the two-hour time frame, which suggests bearish dominance in the market.
On the downside, the immediate support for Ethereum remains near the $1,820 level, and a break below this level has the potential to propel the price towards the next support near $1,800.
The 50-day exponential moving average is also indicating a bearish trend in the market.
Meanwhile, the RSI and MACD indicators, observable on the two-hour time frame, are showing bearish dominance in the Ethereum market today.
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