Transaction fees have reached surreal levels in Bitcoin with almost 17 Mio USD spent in transaction fees daily. Although there is not a direct correlation between transaction fees and the price of Bitcoin periods with high fees usually, sooner or later, resulted in a negative price reaction for Bitcoin.
At this point I would not be surprised to see a price reaction down to 34,000 to 38,000 USD short term! Long term I am still very bullish, but the short term risk is (for me) evident at the moment. So better be careful with using leverage for BTC long swing trades at the moment.
At this point I would not be surprised to see a price reaction down to 34,000 to 38,000 USD short term! Long term I am still very bullish, but the short term risk is (for me) evident at the moment. So better be careful with using leverage for BTC long swing trades at the moment.