Tanya Abrosimova
Independent Analyst
- SegWit protocol update adoption numbers reached the all-time high.
- BTC/USD is sidelined at major support zone, waiting for new triggers.
Segregated Witness software update aimed at making Bitcoin transactions much faster, is gaining traction. According to SegWit.Party statistics, the percentage of transactions carried out on the updated protocol, more than doubled in past three days and surpassed the 30% threshold for the first time since it was launched.
Earlier this month two major cryptocurrency exchanges - Bitfinex and Coinbase - announced SegWit support, helping to speed up the adoption. The updated shall reduce the network congestion that is considered to be the main cause for slow transaction processing and high fees.
Bitcoin price technical picture
After a failed attempt to climb above critical resistance level BTC/USD retraced to the support produced by 50% Fibonacci at $10,266. Currently, the coin is sidelined at $10,372. In the short-term, the above said support is intensified by both 100-SMA and 200-SMA on the hourly timeframe. It is likely to tame the bears for the time being and produce fresh buying interest that may trigger an upside recovery towards $10,500 and $10,800
BTC/USD, hourly chart
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