The Bitcoin (BTC) halving event is fast approaching and the market can’t contain the hype. At this stage, Bitcoin’s value has once again astounded the market, maintaining stability at good levels. 

Bitcoin’s price sustained price at higher levels indicates that any declines to the $70,000 range may soon become a new normal, with any such future dips likely prompting exaggerated market responses.

However, some analysts and investors are warning the crypto market of a potential market-wide pullback if Bitcoin loses its $69,000 support in the coming days. While Bitcoin remains relatively stable, the Bitcoin fork  — Bitcoin Cash’s main network asset BCH — has attracted attention after hitting over 15% increase in the last 24 hours ahead of the Bitcoin halving event on April 4. 

As Bitcoin approaches the end of the month, it remained stable in the last 24 hours, retreating after exceeding $71,000 and stabilizing around the $70,000 mark. The expiration of large option contracts on March 29 has resulted in expectations of sharp short-term price movements in Bitcoin, putting investors on edge. 

As of this writing, Bitcoin (BTC) is trading at $70,584.98, showing a 0.85% increase in the last 24 hours. 

Meanwhile, Miners are facing a direct impact of the upcoming halving event, where their block rewards will be reduced to 3.125 BTC. In anticipation of the financial pressures, mining operations have invested a staggering $1 billion in new hardware, drawing their Bitcoin reserves to levels not seen in three years. 

An analysis by Fidelity’s Daniel Gray highlights that mining businesses are relying on adequate reserves to manage the profitability challenges post-halving. 

To help ease the miner’s challenges, the recent surge in Bitcoin prices, driven by the spot Bitcoin ETFs, has enabled mining firms to offload their holdings at profitable rates, securing funds for operational costs. Furthermore, the surge in crypto and equity markets has significantly boosted mining companies’ stock prices and enhanced their financial strategies.