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Bitcoin (BTC) Bears Crushed As Bulls Target $66,000 Barrier Ahead Of The Halving Event – Will BTC Recover Further?

After days of volatility, Bitcoin (BTC) was able to bounce back above $59,000 as the market stabilized after reports indicating an Israeli attack on Iranian military sites caused minimal damage. 

 

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The cryptocurrency market has surged upward quite strongly, attracting the interest of traders and investors. At press time, Bitcoin (BTC) is approaching the crucial $66,000 resistance level, potentially making way for a new all-time high if broken successfully. As the Bitcoin halving event approaches with only 100 blocks left, market volatility continues to rise.

There has been a strong bullish pressure on Bitcoin’s (BTC) price as buyers have continued to accumulate around the $59,000-$60,000 range. As a result, there has been a solid rebound in price, with expectations of meeting short-term buyers’ objectives in the hours ahead, triggering liquidations totaling $20 million.  

Despite the sudden surge, analysts are still closely observing the $66,000 level as it could potentially offer technical support for Bitcoin to overcome further resistance levels. Market analysts are also closely watching the US trading session, anticipating it to add momentum to the current trend potentially. 

According to Skew, if Bitcoin’s (BTC) price breaks above $66,000, it could potentially trigger another bullish trend possibly propelling BTC’s price towards a new ATH. Expectations suggest that prices will likely remain elevated due to the anticipated approval of the spot Ethereum ETFs, potential interest rate cuts by central banks, and regulatory changes, rather than being predominantly influenced by the halving event. 

Meanwhile, Arthur Hayes, co-founder of BitMEX, has highlighted Bitcoin as the only viable solution amidst the expansion of central banking balance sheets during the current Token2049 conference in Dubai. 

Hayes further stated that real yields are expected to remain negative, which the US Fed and Treasury are actively managing to sustain. This is because they are allowed to borrow funds at lower rates. If that trend continues, Bitcoin (BTC) along with other cryptocurrencies will keep increasing in value. However, he also warned about the opposite but reassured that there’s very little chance the real yields will go positive anytime soon.

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