Bitcoin (BTC) is facing new drama in the crypto industry as high fees are pressuring its price action at the start of the week. Observers are pointing the finger at multiple parties for the full mempool, and the largest exchange, Binance, is adding to the confusion by pausing BTC withdrawals several times over network “congestion.” BTC/USD is showing signs of strain, breaking down from $28,000 and threatening its broader trading range, and analysts believe that the 2022 bear market is still in play as miners continue to sell their holdings. Meanwhile, macroeconomic data releases, including the Consumer Price Index and Q1 earnings reports, could potentially cause more BTC price volatility catalysts. The NVT ratio hit its highest level in four years, while BTC reserves for miners are at two-year lows.
Binance ‘FUD’ meets CPI — 5 things to know in Bitcoin this week
