Bitcoin

The current state of the cryptocurrency market, particularly Bitcoin, is causing significant damage to altcoins as Bitcoin's price remains below $26,000. Many altcoins have hit historical lows due to the negative atmosphere surrounding Bitcoin, leading to a lack of investor interest. The question on everyone's mind is how long this decline will continue and what the experts' predictions are.

A decrease in transaction fees was observed in the Bitcoin network; the number of transactions in Bitcoin decreased throughout the week, with transactions exceeding 10 million dollars dropping by 41%!

Bitcoin's transaction fee landscape has undergone a significant transformation this week, recording a substantial 15% reduction to $3.3 million, as reported by data analytics firm IntoTheBlock.

Bitcoin price continues its sideways movement, but a breakout may be imminent for BTC; Current metrics indicate a change.

BTC is moving above the support range of 25,900 - 25,800 dollars on the 2-hour technical chart. It carries the potential for an upward movement with the closings above this range, and the price may rise up to the resistance level of 26,250 dollars. However, if it cannot surpass 26,250 dollars, it may continue the downward trend and drop to the support range below 25,800 dollars.

Amidst inflation concerns, Bitcoin faces an uncertain future. Federal Reserve Chair Jerome Powell's recent speech and its implications, coupled with predictions from financial experts, weave a complex tapestry for the leading cryptocurrency.

Grayscale's pivotal legal battle with the U.S. Securities and Exchange Commission (SEC) sees yet another delay in judgment, stirring discussions about its ramifications for the cryptocurrency market.

In light of Jerome Powell's recent statements at the Jackson Hole Symposium, the cryptocurrency market experiences turbulence, with Bitcoin notably dipping below the $26,000 threshold. Analysts and traders are on the lookout for potential market catalysts.