The world’s largest cryptocurrency Bitcoin (BTC) continues to face strong selling pressure and might soon enter a major correction ahead.
Over the last 48 hours, a lot of things have been happening in the Bitcoin ecosystem with BTC gas fees skyrocketing to new highs and resulting in all the drama with crypto exchange Binance suspending withdrawals twice on Sunday.
There have been speculations that the Bitcoin Ordinals, with the BRC20 standard, have been driving the gas fee higher. However, this has resulted in strong selling pressure on Bitcoin which has dropped another 2% moving under $28,000 and is currently trading at $27,652 with a market cap of $535 billion.
Although the surge in the gas fee is a pretty good sign for Bitcoin miners, investors need to be watchful of some red flags ahead. Popular crypto handle WhaleWire explains:
Bitcoin transaction fees have surged to its 3rd highest level in history. The last two times, we witnessed the peaks. At 20K in 2017, and 68K in 2021. $B
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