Crypto Industry News:
The latest data from Glassnode shows that the Bitcoin Lightning Network is much cheaper to use than older payment networks.
The average fee rate, i.e. the cost of transferring funds via Lightning Network, is 0.0029%, which is 1000 times less than in the case of MasterCard or Visa.
James Check, principal analyst at Glassnode, said the fee charged for 1 BTC sent over the Lightning Network is currently 3,000 Satoshi (the smallest Bitcoin unit). This is equivalent to $0.84 for sending $28,800 worth of assets, which is a fee of 0.0029%.
This means that the rate is many times lower than what the major credit card companies charge.
The Lightning Network, a Layer 2 payment solution built on top of the world's largest cryptocurrency, was first proposed as a way to make Bitcoin an effective payment method. This data shows that it is not only fast but also cheap, with the average fee rate steadily decreasing since November 2021.
Technical Market Outlook:
The BTC/USD pair is approaching the key short-term technical support located at the level of $26,500 made on March 27th 2023. Any violation of the market, like a breakout lower in impulsive fashion, will open the road towards the technical support seen at $25,250. The momentum on H4 time frame chart remain weak and negative, so the bears are in full control of the market. The intraday technical resistance is located at $27,930.
Weekly Pivot Points:
WR3 - $28,779
WR2 - $28,222
WR1 - $27,931
Weekly Pivot - $27,661
WS1 - $27,272
WS2 - $27,102
WS3 - $26,544
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.
