Bitcoin Dumping Ahead Of Halving: All Hopes Fade As Bears Aim At $59,000

Bitcoin is under pressure even as excitement builds ahead of the Halving event. When writing, buyers are optimistic. However, there are risks of prices falling lower and tumbling below the current trading range. As it is, the odds of sellers taking control and confirming the breakout of April 13 remain from an effort-versus-result perspective. This outlook will be valid if prices drop to around last week’s lows.

At press time, bulls are losing control to sellers. The coin is down 4% in the last 24 hours, and 10% in the past trading week. Even if Bitcoin is bullish from a top-down preview, the current sentiment favors sellers, and they will likely continue pressing lower in the sessions to come. So far, participation has dropped as the average trading volume on the last day is $43 billion.

Bitcoin daily chart for April 16

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The following Bitcoin news events might influence price action:

  • On April 15, Hong Kong approved spot Bitcoin and Ethereum ETFs. However, one analyst now says its impact might not be big, considering the country’s smaller market and possible low liquidity. Accordingly, he projects BlackRock, and the team will continue dominating the United States.
  • Despite the current dump, another analyst thinks BTC will soar higher, reaching $650,000 in the coming years. He banks on spot ETF adoption and favorable fundamentals as primary drivers.

Bitcoin Price Analysis

At spot rates, BTC/USD is changing hands at around $63,000.

The path of least resistance remains northward from a top-down review.

However, sellers are in control in the short term, and Bitcoin is trading within a bear breakout formation.

Traders can initiate shorts on every attempt higher towards $68,000, aligning with the April 13 bar.

If this preview holds, the short-term bear target will be $59,000 and later $53,000.

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Dalmas Ngetich
Dalmas Ngetich
Technical Analyst and News Reporter
Dalmas is a technical analyst and news reporter covering Forex, commodities, crypto, NFTs, blockchain, DeFi, and blockchain.
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