Crypto:
30251
Bitcoin:
$66.251
% 1.01
BTC Dominance:
%54.5
% 0.21
Market Cap:
$2.38 T
% 1.77
Fear & Greed:
74 / 100
Bitcoin:
$ 66.251
BTC Dominance:
% 54.5
Market Cap:
$2.38 T

Bitcoin Halving in 11 Days: What to Expect?

Bitcoin, Btc, Bitcoin Halving

With the Bitcoin halving event only 11 days away, there is a lot of speculation about how it will affect Bitcoin’s price. Historically, halving, which reduces the reward for mining new blocks in half and so slows the rate at which new Bitcoins are created, has caused bullish swings in the Bitcoin market due to a perceived rise in scarcity.

As we approach this pivotal occasion, it is important to note that Bitcoin ETF volume has remained strong in the weeks since the cryptocurrency’s record high. This shows ongoing institutional interest, which could be critical as we approach the halve date of April 19. Past halvings have resulted in a significant increase in Bitcoin’s price over the following year, although the immediate effect varies.

Bitcoin, Btc
Btc/Usd Chart By Tradingview

Looking at the current Bitcoin chart, we can see that it is trading at $70,794. Bitcoin has repeatedly tested a critical resistance level near its current high of around $69,000. A break above this level, particularly if it coincides with the halving, might herald the start of a fresh upswing, with traders looking to the psychological barrier of $70,000 as the next major milestone.

To continue advancing upward, Bitcoin would need to hold support above the 50-day Exponential Moving Average (EMA) of roughly $57,246. If it falls below this support, the next major milestone is the 100-day EMA at $48,699, which might provide a sturdy foundation for the price.

Some traders expect a reduction in ETF and on-chain volume following the halving. If we follow the previous performance of digital gold, the restricted supply of new Bitcoins due to halving may result in a rise, as it has in the past. However, each crypto market rally is unique, and relying on past performance may not be the best strategy.

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