The recent surge in demand for BRC-20 tokens has caused a dramatic increase in transaction fees on the Bitcoin blockchain. While this has boosted network health and mining revenue, it may be deterring new and existing users. However, long-term on-chain indicators suggest a favorable outlook for Bitcoin, with bullish signs such as trading above its 200 Day Moving Average and an upward trajectory in the Bitcoin Realised HODL Multiple. Short-term metrics, including Binance's recent double halt of Bitcoin withdrawals, may indicate a possible pullback in Bitcoin's price.
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