Just ahead of the halving event, the price of BTC has started going down, After trading above $70k, the price has fallen to around $60k.
Typically we have witnessed a drop before halving and a massive rally after. Let’s delve into the article to find out what will happen next!
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BTC Next Target
Bitcoin is currently trading at $61,621.83. The price has fallen alongside the broader crypto maket.
- Price: $63,621.83 USD
- 24-hour Change: -1.81%
- Market Cap: $1.38 trillion USD
- 24-hour Trading Volume: $55.07 billion USD
The $60k level acts as a support level for the crypto. Let’s look at the chart :
The possible scenarios.
Weekly Price Analysis
Over the past week, BTC has shown the following trends:
- Halving Event: The looming April 20 halving could catalyze further market turbulence. Traders should stay vigilant and consider the historical impact of halvings on BTC prices.
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News Roundup
Bitcoin ETFs and Institutional Interest
- The ongoing massive wave of buying by newish U.S.-based spot Bitcoin ETFs has contributed to BTC’s historic run higher, pushing it above the $69,000 mark.
- Franklin Templeton Digital Assets has expressed interest in the Runes Token Standard, aiming to boost Bitcoin’s DeFi activity.
Stability and Challenges
- BTC’s stability faces challenges as it hovers around the $61,650 level. Traders should closely watch for any signs of further selling pressure.
- Notably, Bitcoin’s journey from its initial price of $0.00 in 2009 to its recent all-time high of $73,835.57 in 2024 is a testament to its resilience and market dominance.
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