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The Number of Unconfirmed Transactions on the Bitcoin Network Exceeds 300,000

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Today’s Cryptocurrency Headline

According to Btc.com data, there are currently about 336,000 unconfirmed Bitcoin transactions on the network. At block heights 788695, 788700, and 788702, the fees for processing Bitcoin transactions exceeded the block rewards of 6.25 BTC each, all occurring after 6:00 am today. Additionally, network congestion has caused an increase in fees. On May 7th, Bitcoin fees exceeded 403.9 BTC, compared to only 47.6 BTC for the entire day a week ago on April 30th.

BingX’s Bitcoin Chart

Source: TradingView & BingX

Bitcoin’s weekend trading showed weakness, with potential resistance at 💲29,000-29,500 due to moving average pressures. The upcoming CPI may also see a small decrease, but the market remains in a state of consolidation, with support at 26,000-27,000. The market’s volatility demands a flexible approach to analysing trends, rather than a fixed bullish or bearish stance.

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