Bitcoin has been struck by the bears for its third consecutive week. At the time of writing, BTC has lost two critical support zones at $35,000 and $32,000. The first cryptocurrency by market cap trades at $31,987 with a 10.5% correction in the daily chart.
The general sentiment in the market seems bearish, as BTC failed to gain a strong foothold on the high area around current levels. A report by Arcane Research concluded the recent correction follows a week with low exchange activity, a dropped in on-chain activity, and “futures premiums have almost gone”.
The research estimates that on-chain activity has descended by around 69% since the beginning of May and the end of April. As consequence, BTC network fees also declined by almost 93%, as seen in the chart below.
Source: Arcane Research
The average daily transaction on Bitcoin’s network has gone from $62 in April