Crypto Industry News:
The number of pending transactions in Bitcoin memory briefly increased today to above 125,000. This corresponds to approximately 149 megabytes of data waiting to be added to the blockchain, enough to fill at least 107 incoming blocks.
While the increase was less than what caused a backlog of over 143,000 transactions on December 17, 2020, an increasingly crowded mempool encourages Bitcoin critics to verbally attack the network.
According to Bitcoin's stats trackers, it is currently recommended to charge at least 93 sat / byte to ensure that transactions are included in the upcoming block. At $ 46,280 per BTC and an average of 224 bytes per transaction, this gives a transaction fee of $ 9.63.
Still this morning - according to other data - the recommended fee for including transactions in the next block increased to 141.9 sat / byte. On February 8, a total of 84.72 BTC was collected from transaction fees, which corresponds to USD 2.05 million in miners' revenues. For most of November and December 2020, the transaction fees remained fairly reasonable. It was so even after the sharp bull market that caused the BTC price to exceed its previous historical highs.
Bitcoin's second tier scaling solution, the Lightning Network (LN), is also experiencing record increases in the number of participating nodes and the value of the total BTC capacity across all channels.
Technical Market Outlook:
The BTC/USD pair has retraced 38% of the last wave up and hit the level of $44,048 and bounced slightly. The next target for bulls is seen at the level of $50,000. The key short-term technical support is located at the level of $42,560. The next Fibonacci retracement levels are seen at $42,760 (50%) and $41,473 (61%). Please notice, that despite the strong and positive momentum, the market conditions are now extremely overbought, so some market reaction is expected once the level of $50,000 is hit.
Weekly Pivot Points:
WR3 - $51,306
WR2 - $46,193
WR1 - $42,645
Weekly Pivot - $37,209
WS1 - $34,108
WS2 - $28,930
WS3 - $25,324
Trading Recommendations:
The bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $50,000. Any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $30,000 is clearly broken
