On April 21, Bitcoin (BTC) achieved its highest closing price in more than ten days, surpassing the $65,000 mark once again. The BTC price had dipped to a low of $64,346 on that day but subsequently increased by 3.5%, peaking at $66,527 during intraday trading on April 22.
The cryptocurrency market data from CryptoMoon Markets Pro and TradingView indicate that Bitcoin was priced at $65,910 when this article was published, representing a 1.7% increase in value over the previous 24-hour period.
The cost of the initial cryptocurrency, Bitcoin, has climbed approximately 5% since its supply was reduced two days ago during the halving event. Consequently, miner compensation per block decreased from 6.25 Bitcoins to 3.125 Bitcoins. Some investors ponder if Bitcoin’s price surge will persist beyond the halving.
Let’s look at the factors that could drive BTC up over the coming months.
Bitcoin open interest mirrors October 2023
According to Coinglass data, Bitcoin’s open interest funding rate turned negative on two occasions: April 18 and April 21. Currently, the rate has bounced back into positive territory at 0.0079% as of April 22, suggesting a growing demand for long positions in the market.
After notable price changes, such as Bitcoin’s 5% increase from April 20 to April 22, the market’s attitude towards the asset often becomes clearer.
In simpler terms, when Open Interest (OI) in Bitcoin dipped below zero recently, this was the lowest point in over half a year. This situation mirrors what happened back in October 2023, as pointed out by user Tedtalksmacro.
The value of Bitcoin has increased by 146% since last October. If a comparable situation occurs again, it’s possible that Bitcoin will spearhead a prolonged recovery for the entire market.
Bitcoin price finds strength above $60,000
Last week, Bitcoin’s price action was characterized by selling at each Wall Street open.
Based on the existing technological configuration, lone trader Skew considered the weekly finish above $65,000 to be noteworthy.
Previously on Twitter, the trader posted a chart to his audience of around X people, noting that the Bitcoin price range from $65,000 to $66,000 exhibited noticeable resistance or stubbornness.
“The $65K – $66K area has been relatively sticky for HTF trend. 4H trend will lead into higher timeframe confirmations, I think today, so that’s essentially what I am focused on.”
After surpassing this level, Bitcoin (BTC) currently rests on a solid foundation of support. This support is derived from a past demand area. The IOMAP model by IntoTheBlock further validates this, revealing that there is more buying pressure below the current price than resistance as BTC recovers.
This IOMAP chart indicates that around 1.31 million Bitcoin addresses purchased between $64,380 and $66,330, which is the current price range for this zone. (Approximately 638,330 BTC were transacted at these prices.)
Moving forward, well-known cryptocurrency expert Rekt Capital expressed that Bitcoin’s price has gained strength above the $60,000 threshold.
The unidentified source claims that Bitcoin’s value may stay within the $60,000 to $70,000 bracket for several months as it gathers more strength. After this period, the cryptocurrency could experience a significant surge in price following its halving event.
Traders focus on Bitcoins post-halving upside
After the Bitcoin halving event has taken place for the fourth time, people involved in the market are pondering over what might happen next in terms of Bitcoin’s price.
One individual going by the pseudonym Moustache on the platform shared a Bitcoin price chart, which reached its highest point in 2021. Based on Moustache’s perspective, the significant goal for Bitcoin’s price progression is hitting the $80,000 milestone – an objective they have been emphasizing since 2022.
“$BTC‘s next major target: $80,000-$85,000. Anyone who has been following me for a while knows that I’ve been focussing on this target since 2022.”
In simpler terms, the weeklong pattern of Bitcoin’s price movements resembles a “bull flag” on its chart, suggesting that the upward trend may persist further.
Bitcoin enthusiasts encounter obstacles as they attempt to push the price above the flag’s peak at $67,500. If the weekly chart records a closing point beyond this threshold, it could be an indication of a potential breakout from the pattern. This development might pave the way towards reaching the record high of $73,835 and eventually touching $80,000. Such a progression implies a 13% price increase from the present value.
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2024-04-22 20:49