Bitcoin Trades Below Resistance

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Bitcoin Trades Below Resistance

Bitcoin Trades Below $70k Ahead Of Halving Event

Bitcoin (BTC) is currently trading just below the $70K resistance level ahead of the Bitcoin halving event. With only two weeks left in the halving, everyone is on their toes as an increase in volatility is expected.

According to experts, traders will approach the BTC halving by following the formal rules of buying rumors and selling the news.

Bitcoin (Btc) Trades In Tight Range

If we look at the recent price action of Bitcoin (BTC), it appears to be range-bound after peaking near $73,777. In terms of market capitalization, BTC remains at the top & is likely to experience increased volatility before & after the halving event.

In the past, there was no immediate impact after the halving events. However, the BTC prices did appreciate after 2-3 weeks which means we can't expect an immediate reaction.

One expert believes that the halving of 2024 will follow a similar pattern to 2016, when BTC ended up gaining ground against the greenback.

When we combine the BTC halving with BTC ETF, capital investment, & high-interest rates, the situation becomes a little too complex. Based on the estimates, the halving of 2024 will likely take place on the 20th of April, 2024.

Looking ahead, a significant upside is expected in Bitcoin (BTC) a few weeks after the halving of the currency.

Over all, the halving will likely be bullish for the BTC based on the historic performance. That's why it is safe to say that BTC could move up towards the $75K, $80K, or even a more bullish target.

And if BTC stages an impressive rally after the halving, the same will follow in other altcoins such as ETH, ADA, LTC, and so on.

If we look back, the BTC and other coins usually have a positive correlation with each other. That's why it is safe to say that yet another crypto rally is just around the horizon.

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