Bitcoin Loses Nearly All Its Gains As It Drops Again

Bitcoin halving has come and gone, and Bitcoin (BTC) does not seem to be any better off in the aftermath as it dropped more than 4% over the last 24 hours.

This loss means that Bitcoin has only gained a measly 1.8% over the last week and is now down to a price of $63,852 (BTC/USD). Where many industry experts expected to see Bitcoin surge around its halving, it has instead lost a lot of momentum and is having hard time hitting $70,000 again.

This puts Bitcoin in a difficult position with the public. Predictions from many crypto analysts said that around the halving the token would shoot up. Since that has not happened, Bitcoin is in limbo, neither bullish nor bearish, and it is hard to say where it might go from here.

There is more interest in Bitcoin since it halved, but that may not lead to a bullish surge. Instead, as investors see that the token is not really going anywhere, they may abandon it in droves.

Bitcoin Moving Forward

On the upside, Bitcoin’s trade volume is way up, with an increase of nearly 40% in the last 24 hours. We could see the beginning of a surge here, but it is too early to tell.

Bitcoin is definitely being held back by the currently high inflation rate, and as long as the economic situation remains adverse, the cryptocurrency market will have a hard time bringing in new customers.

Because Bitcoin has been having a difficult time moving forward recently, it will either go one of two ways. The investors who have been holding on for a while and waiting for an upswing will get tired and move on, creating a downturn. Or the coin will start to move upward on the strength of its current stability and the perceived potential for a new record high and major gains.

All it may take for either one of those to happen is new economic news that signals a change in inflation in one direction or another. 

ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.

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