Closed the Bitcoin Signal at the Top Before Reversal After BTC Halving

The Bitcoin price turned higher after the BTC halving event, as it bounced off the $60k support zone, but was giving signs of reversing lower on Tuesday, so we had to close our BTC signal. The bearish reversal did come yesterday so that was a good decision, and now we’re waiting for BTC to get down closer to $60,000 so we can open another buy Bitcoin signal.

BTC Surged After the Halving Event

Bitcoin (BTC) beat expectations, breaking through critical resistance levels following the last halving event that took place last Friday. This optimistic trend is driven by a number of reasons, including significant institutional buying and network resiliency. Bitcoin experienced a small 10% price boost following the halving, followed by a steady rise that momentarily propelled it from below $60,000 to above $67,300.

This indicates investor confidence in the long-term viability of Bitcoin mining despite the halved block rewards. This resilience suggests that Bitcoin’s fundamental value proposition as a decentralized digital asset and store of value remains intact, driving continued interest and investment in the cryptocurrency.

Bitcoin Chart Daily – Bearish Reversing Pattern Below the 50 SMA

However, the climb stopped right at the 50 SMA (yellow) on the daily chart shown above, and on Tuesday BTC/USD traded in a tight range, closing the day with a small doji candlestick. That was a bearish reversing signal for this crypto coin and we decided to close the Bitcoin trade. Yesterday BTC reversed lower, heading to the support zone again, so that was a good decision.

Nubank Feature Enables Bitcoin Withdrawals/Deposits

Brazilian fintech giant Nubank has announced the availability of a new feature that allows for Bitcoin and a few other cryptocurrency withdrawals and deposits. Initially, Nubank will support three cryptocurrencies: Bitcoin, Ethereum, and Solana, with plans to add more in the future, which is expected to further strengthen Brazil’s growing crypto ecosystem by providing Nubank customers with convenient access to digital assets directly through the Nubank app.

Bitcoin Live Chart