The price of Bitcoin (BTC) has surged by 2.47% in the past 24 hours, currently trading at $64.3K. Transaction fees for BTC have also jumped by over 32%. The broader cryptocurrency market is showing signs of recovery, with the total market cap reaching $2.24 trillion. Bitcoin’s recent price action indicates the potential for further gains.
After falling below key support levels, BTC has seen a moderate rebound in recent days. Within the past 24 hours, it has risen by 2.47%, dipping to a low of $62,035 before peaking at $64,464. Additionally, BTC’s daily trading volume increased by 47% to $23.69 billion, with the current price standing at $64,340, according to CMC data.
The Fear and Greed Index for Bitcoin remains neutral at 48, while $52.32 million worth of liquidations occurred within the past 24 hours. At the same time, BTC transaction fees have soared by over 32%, with miners earning $5 million in fees. This fee spike is reportedly linked to the resurgence of Runes transactions, a fungible token standard on the Bitcoin network, which now accounts for over 50% of Bitcoin’s blockspace usage, pushing average transaction fees up by 65%.
Looking ahead, Bitcoin started last week at $63,625 but faced downward pressure, briefly dipping into the $59K range. Despite challenges breaking above $63K, if the uptrend continues, BTC could test resistance around $65,640, potentially leading to further gains. However, if the uptrend fails, BTC may drop to a support level near $63,275, with the possibility of a further decline.
Currently, the technical chart shows the 50-day moving average (MA) at $62,231 and the 200-day MA at $62,054, both below the current price. The daily relative strength index (RSI) sits at 60, indicating neutral market sentiment. Meanwhile, the four-hour MACD suggests a bearish trend, with the signal line below the MACD line, pointing to reduced buying pressure.
