- Bitcoin, the most popular cryptocurrency, has a block duration of around 10 minutes.
- A similar scenario was witnessed in October of last year recording a delay of 85 mins.
An abnormality on the Bitcoin network has been noticed by PeckShield Alert. It took more than an hour to mine a block of Bitcoin (BTC), leaving many transactions in pending condition.
PeckShield shared an image showing that the most recent two blocks were mined 95 minutes apart by F2pool and Foundry USA. Bitcoin, the most popular cryptocurrency, has a block duration of around 10 minutes. In a similar vein, Bitcoin’s block generation was delayed by around 85 minutes in October of last year.
Bitcoin Price Consolidating
Bitcoin, which accounts for over half of the $1.2 trillion cryptocurrency market, remained mostly unchanged at $29,848 at the time of writing. After peaking at $31,818 on July 13, it has consolidated around the $30,000 mark. Post the recent XRP ruling, the overall market sentiment was briefly positive.
According to the on-chain analytics company, the Bitcoin price range over the last 14 days has been exceptionally narrow, hovering around the 6.38 percent level. On July 19th, it was reported that the likelihood of a dramatic move in either direction is increased since just 5.63% of trading hours have recorded a tighter 14-day trading range.
Early signs that BTC consolidation is nearing completion (FSI chart below).
— Willy Woo (@woonomic) July 20, 2023
Futures demand is currently moving the market, this demand has been climbing against sideways price action (this is bullish).
Volatility dynamics also signalling a larger move is probable. pic.twitter.com/WkmiQO0B17
Moreover, according to crypto researcher Willy Woo, the period of BTC consolidation is drawing to a close. This is due to the existing demand for futures contracts. The fact that this demand is rising despite the fact that prices are staying relatively stable is encouraging. Woo also pointed out that the mechanics of volatility might be indicating the likelihood of a greater shift.
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