Bitcoin miners have emerged as the largest beneficiary of the network congestion that occurred in the past two days.
The rise of meme coins has significantly reduced cash flow to the Bitcoin market.
The Bitcoin market has been on a rollercoaster in the past few weeks after experiencing a significant high resistance of around $31k. Trading around $27.5k, Bitcoin price has dropped more than 5 percent in the past two days.
On-chain aggregate data shows that more than 150k Bitcoins were added on the largest centralized exchange by daily traded volume, Binance, in the past 24 hours. Typically, an increase in Bitcoin balance on centralized exchanges is a characteristic of impending sell pressure. 
Moreover, Bitcoin price has formed a bearish divergence on the daily Relative Strength Indicator (RSI) in combination with a possible head-shoulder (H&S) candlestick pattern. From a technical standpoint, if the Bitcoin bulls are not able to hold above $27k, then $25k is imminent in the coming

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