Bitcoin Halving Hype Fails To Pump BTC Above $68,000: What Happens Next?
Bitcoin is relatively firm at spot rates, trading below the $68,000 level a few days after the all-important halving event on Friday
Bitcoin is relatively stable a few days after the all-important Halving event. At the time of writing, the coin is still within last week’s trading range and technically bearish from a volume analysis perspective. Even though traders expect prices to gain in the short to medium term, the coin remains within a bearish breakout formation, aligning with losses of April 13. From now on, traders should track how prices react at $68,000 and $61,000, respectively.
So far, Bitcoin is firm in the last trading day and week. Changing hands at around the $66,100 level, the coin is bearish as it is unless there are sharp gains above the immediate liquidation levels in the short term. As it is, bulls should watch participation, a measure relayed by the average trading volume in the past day. Even with optimism, participation is at around $24 billion, up 11%.
The following Bitcoin news events will shape prices in the short term:
- In the fifth epoch, the network rewards miners with 3.125 BTC, slashing daily emissions by half. At this rate, inflation will drop even further. However, whether this will immediately impact prices remains to be seen.
- Amid the surging interest in Halving and Bitcoin as a store-of-value asset, one address has been rapidly accumulating BTC over the past few months. The address, purchasing 100 BTC in batches, sometimes within 24 hours, has accumulated over $4 billion worth of the world’s most valuable coin.
Bitcoin Price Analysis
BTC/USD is flat at spot rates.
In the upper end, traders can watch how prices react at April 13 highs of around $68,000.
Conversely, buyers have support at the $61,000 level.
As prices move sideways, the path of least resistance remains southward following recent losses.
Therefore, as long as prices distribute horizontally, aggressive traders can short on attempts higher but below $68,000, targeting $61,000 and lower.
A sharp break above $72,000, backed by rising volume, invalidates this bearish outlook.
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