Bitcoin transaction Fees Soared Amid Memecoin Rally

Bitcoin prices sees a downtrend recently due to a rise in BTC fees. According to CryptoFees, the exchange rate of Bitcoins surged in the beginning of May and was the highest in the past two years.

On May 3, 2023, the total fees paid on the Bitcoin-based blockchain were around $3.5 million, representing a 400% increase over last April. According to YCharts, the average exchange rate for Bitcoin is $7.2. 

It is speculated that the present trend of memecoins such as Pepe Coin (PEPE) has resulted in Bitcoin's unpopular position, eventually raising the price to the highest of the year. According to Galaxy Research, a research site, BRC-20 transactions accounted for 50% of all Bitcoin transactions on May 2.

Let's see how the Bitcoin price is affected due to the Rise in BTC transaction fees and Memecoin compilation.

Bitcoin Price Analysis: Daily Chart

Bitcoin (BTC) is currently at $29,350.31, with a 24-hour trading volume of $18,260,597,814. This is a 0.83% rise in the previous 24 hours and a 0.05% increase in the last 7 days. Bitcoin has a market valuation of $568,382,870,649. It has a circulating supply of 19 million BTC.

The daily Bitcoin price analysis favours cryptocurrency purchasers, as the coin value rises throughout the day. As the bulls took control of the market, the price rose significantly. Today, a surge in the BTC/USD value was discovered, with the upward trend taking it up to $29,613. The green candlestick pattern shows that the trend has been led by buyers.

The price of Bitcoin is projected to grow higher in the near future as the Bollinger Bands broaden, with the upper band at $29,745 and the lower band at $27,768. The Relative Strength Index (RSI) is at 55, indicating a slightly optimistic market sentiment and an uptick in purchasing activity.

Similarly, the Moving Average Convergence Divergence (MACD) has just moved into positive territory, indicating that bullish traders are getting an advantage.

Source: TradingView

Bitcoin Onchain analysis

Glassnode Alerts, an on-chain research tool, rushed to Twitter this morning to give some fresh facts on the crypto market leader Bitcoin (BTC). According to the publication, the Realised Price of Bitcoin has touched a new one-month high

According to the statistics, BTC's Realised Price is presently $19,994.95. The previous high was set only a few days ago, at $19,994.76. The Realised Price of a cryptocurrency is computed by dividing its Realised Cap by the total coin supply. It is also known as the on-chain support or resistance price.

BTC was trading for more than $29k. This suggests that the market price of BTC is more than its Realised Value, which is a positive indication for the crypto king.

Conclusion

To summarise, the current Bitcoin price analysis suggests that the bulls are in charge and are likely to push BTC beyond $30,000 in the near future. The coin now has a support level of $28,694 and a resistance level of $29,646. Despite a huge decline in trading volume, technical indications indicate that the bulls remain in charge of the market.