Armand Sirignan
The most awaited event on the Bitcoin network is about to begin
Read U.TODAY
google news
The Bitcoin halving event is just 11 days away, and there is a lot of discussion about how it could affect the price of Bitcoin. Historically, halvings, which cut the reward for mining new blocks in half and reduce the rate of new Bitcoin creation, have led to bullish moves in Bitcoin. market Due to the perceived increase in scarcity.
As we approach this fundamental event, it is worth noting that Bitcoin ETF volume continues to be strong weeks after Bitcoin's all-time high. This suggests continued interest from institutional investors, which could be crucial as the April 19 halving approaches. In past halvings, the price of Bitcoin has sometimes increased significantly over the next year, but the direct impact can vary.
If we look at the current Bitcoin chart, we can see that it is trading at around $70,794. There is a key resistance level near the recent highs of around $69,000, which Bitcoin has tested several times. A break above this level could signal the start of a new uptrend, especially if it coincides with the halving, with traders eyeing the psychological barrier of $70,000 as the next key milestone. .
For Bitcoin to continue rising, it will need to maintain support above the 50-day exponential moving average (EMA) around $57,246. If we break below this support, the next important level is the 100-day EMA near $48,699, which could provide strong footing for the price.
As the halving approaches, some traders are looking to reduce ETF and on-chain trading volume after the halving. Depending on the previous performance of digital gold, the reduction in the supply of new Bitcoin due to the halving could lead to an uptrend as in the past. However, every crypto market rally is different, and betting on performance similar to what has been seen in the past may not be the wisest decision.
About the author
Armand Sirignan
