The price of Bitcoin has been surging in 2024, however, since the middle of March BTC has been consolidating after breaching the $70,000 level. During this time we have seen several pullbacks toward the $60,000 level, but every time buyers have returned and pushed the price back up to $70K, so we decided to use this opportunity to open a buy BTC signal.

Bitcoin Halving Event on Saturday

The upcoming Bitcoin halving is drawing closer, with only a 2 days remaining or roughly 317 blocks away, according to the BITCOIN Halving Countdown website on The Block. Scheduled for 210,000 blocks, or approximately every 4 years, the automatic halving of Bitcoin reduces the subsidy payment miners receive for each block they mine and add to the blockchain by 50%.

Despite this reduction, miners still receive additional transaction fee incentives for every block they mine. The halving event is significant as it directly impacts the supply of new bitcoins entering circulation, thereby affecting the overall scarcity of the cryptocurrency. This scarcity mechanism is one of the key features of Bitcoin’s monetary policy and often leads to increased attention and speculation around the event.

Bitcoin Chart Daily – Will the Support at $60,000 Hold?

Bitcoin’s price has dipped just below the $60,000 level for the first time since the first week of March. Currently trading at $61,200, the cryptocurrency’s price is nearing its lowest point in more than a month, which was around $59,300. If this level is breached, the next downside target is expected. On the daily chart, the 100-day moving average is the first support which sits at $57,850.

Breaking below the March 5 low of $59,313 would likely lead to tests of these levels. Traders are cautious, focusing on this swing area for potential market moves. A move above the March 20 swing high at $60,760 would provide buyers with more confidence and potentially signal a shift in momentum.

Bitcoin Live Chart