Posted 12/18/2023, 8:48:45 AM
Bitcoin Holds Above $41K But Faces Downside Risk If Support Fails Amid High Fees and Slowing Growth
- Bitcoin weekly close at $41.3K increases downside risk if key Fibonacci support level not reclaimed
- Macro data like PCE inflation and GDP remain in focus ahead of next Fed meeting end of January
- High Bitcoin transaction fees spark renewed debate, shine light on Layer 2 solutions like Lightning Network
- Network growth tailing off with 50% fewer new BTC addresses created daily
- Market sentiment still in "greed" zone but seen as "disbelief" rather than irrational exuberance