Bitcoin’s Price Drops to 2011 Levels: Is A Bear Market Imminent?

Recent data from Glassnode reveals that Bitcoin’s daily transaction fees have dropped to just 3.5 BTC, marking the lowest levels since late 2011. This dip suggests a potential lack of demand and may signal further price decline in the coming months. Technical analysts are watching closely as Bitcoin’s price could drop towards its 100-day EMA (currently around $111,000-$112,000). A failure to hold this level could exacerbate bearish pressure. The analysis indicates that the market may face greater downside pressure if Bitcoin fails to break through the 50 EMA, a sign of declining buyer activity and increasing selling pressure.