Bitcoin (BTC) is facing downside volatility at the start of the week as the highest fees in two years pressure price action. The cryptocurrency’s downside volatility is attributed to a full mempool, and various parties are being blamed for the issue. Adding to the confusion is the largest exchange, Binance, which has paused BTC withdrawals several times due to network “congestion”. Meanwhile, Bitcoin’s network metrics show that miners are selling their holdings, indicating that the 2022 bear market is still in play. The start of the week began with several potential BTC price volatility catalysts, including macroeconomic data releases such as the Consumer Price Index and Q1 earnings reports. The events surrounding Binance and fees have created strain on BTC price action, with BTC/USD breaking down from $28,000 and threatening to exit its broader trading range. Traders are keeping a close eye on key levels for BTC/USD, and the cryptocurrency’s immediate future is linked to macroeconomic conditions. The upcoming week is set to be marked by the April print of the United States Consumer Price Index.
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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