Bitcoin miners have recently received a surge in revenue as a result of high demand for blockspace on the network. It is suspected that the increase in network usage is due to several BRC-20 tokens taking up space. This may have caused the average fee per block to reach approximate to the historical bull market peaks of 2.905 BTC, with a few blocks being paid a fee of 5.87 BTC, which was nearly 94% of the 6.25 BTC block subsidy. However, this has not had a particularly positive effect as BTC’s price sunk 2.42% in the last 24 hours and was in the red for the week, falling -0.89%.

As noted on a technical level, BTC’s price dropped below both the 9-day and 20-day EMA lines and was resting at the $27,800 support level. This could be considered a buy opportunity as the crypto’s price has already bounced off this mark in the last week. In order to reach the $29,600 resistance level, BTC may need to break through the Core Inflation Rate data due to be released Wednesday - any resulting bad news being a possible obstruction.

Regardless, miners have experienced an upswing of funds as evident in the data from Glassnode and this may prove to be the inducement for BTC’s value to push beyond current barriers if the conditions are right.



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