Transaction count suffered a drawback on the Bitcoin network, causing average network fees to drop to a one-month low in the last week.
The drop in fees were due to a slowdown in the number of transactions on the network. According to data from
The emergence of a new bear cycle on 16 August, a day before the deleveraging in the coin’s futures markets, has caused BTC to face further resistance at the $26,000 price level. As positive sentiment remains beaten down, accumulation momentum amongst daily traders has fallen. Highlighting the strength of BTC sellers in the current cycle, the coin’s Directional Movement Index showed that BTC bears had control of the market on a daily chart. As of this writing, the positive directional index at 13.16 rested below the negative directional index at 29.27.
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