Bitcoin With only 11 days left until the halving event, the cryptocurrency market and BTC are in great expectation. Historically, halvings, which halve the reward for mining new blocks and thus reduce the rate at which new BTC is produced, have triggered the rise due to a perceived increase in scarcity.
As we approach this fundamental event, Bitcoin ETF It’s worth noting that volume remains strong weeks after BTC’s all-time high. As Koinfinans.com reported, it shows continued institutional interest, which could be very important as we approach the halving date on April 19. Although the immediate impact varies, in past halvings the price increased significantly the following year.
Bitcoin is currently trading at around $70,794. Recently, there is a resistance level near the top near $69,000, which BTC has tested several times. A break above this level, especially if it coincides with the upcoming halving, could signal the start of a new uptrend, with traders eyeing the $70,000 psychological barrier as the next major turning point.
For Bitcoin to continue its upward move, it must establish support above the 50-day Exponential Moving Average (EMA), located around $57,246. If it breaks below this support level, there could be a pullback to the next important level, the 100-day EMA near $48,699, which could serve as a strong support point for the price.
As the halving approaches, some traders are expecting a drop in ETF and on-chain volume post-halving. Relying on the previous performance of digital gold, the decrease in the supply of new Bitcoin due to the halving could lead to an uptrend as it has in the past. However, every crypto- Market rallies are different, and relying on a repeat of past performance may not always be the most logical approach.
