Glassnode Reports Surge in Bitcoin On-Chain Activities, as Transfer Volume Reaches Record High
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Glassnode, an on-chain analytics provider, has posted a weekly activity report for the Bitcoin (BTC) network, noting that several milestones and record highs have gotten triggered for various metrics.
The report suggested that the peaks in on-chain transaction volume and fees indicate that the correction seen last week influenced relatively newer entrants in the market, while experienced hands remain strong.
This pullback is reportedly the fourth market correction in the current market cycle, but the emergence of a lower low in the third correction triggered an increase in the general fear level in the overall market sentiment.
According to the report, this extra activity emanates mostly from the Bitcoin network working through mempool congestion from last week’s hashrate decline.
There has also been a drop in the number of daily active BTC addresses, with a drop of 10% over the past seven days. Glassnode blamed this decline on the increase in average transaction fees, which reached a record high of $54.40.
At press time, Bitinfocharts reported that the median Bitcoin transaction fee had dropped back to $17, which correlated with a recovery in hashrate now at 137.23 EH/s.
Key BTC Levels to Watch — April 27
As projected recently, Bitcoin has broken away from the descending tripwire in an overnight rally. The benchmark cryptocurrency is trading up by 16% from its rebound level ($47,500) but appears to have stalled near the $55k resistance.
That said, we could see an extended consolidation under the $50k mark, punctuated by possible declines to the $53k area over the coming hours. Despite the overt bullish bias, trading volume remains thin for BTC, indicating that buyers are yet to come onboard.
Nonetheless, a break above the $55k level could spark a fresh round of bullish rallies.
Meanwhile, our resistance levels are at $55,000, $56,000, and $56,700, and our key support levels are at $54,000, $53,000, and $52,500.
Total Market Capitalization: $2.07 trillion
Bitcoin Market Capitalization: $1.02 trillion
Bitcoin Dominance: 49.4%
Market Rank: #1
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