Bitcoin

April

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 <p class="paragraph">On Thursday, Bitcoin (BTC) experienced further declines amid ongoing pressure from higher U.S. interest rates and escalating geopolitical tensions in the Middle East.&nbsp;</p>
 <p class="paragraph">Analysts are closely watching BTC’s price movements as it approaches a critical moment, the Bitcoin halving which is expected to happen sometime around April 19 or 20.&nbsp;</p>
 <p class="paragraph">Despite attempts to stabilize above the $65,000 threshold, BTC’s price has struggled, signaling a bearish trend.</p>
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 <p class="paragraph">Crypto analyst <em>Ali Martinez</em> highlighted in an X (formerly Twitter) post on April 18, that Bitcoin had entered a consolidation phase within a defined trading channel, identifying $61,000 as a critical support level.</p>
 <p class="paragraph">At the press time, BTC is hovering around the $61,000, a level Martinez considers crucial for its next moves.&nbsp;</p>
 <p class="paragraph">He suggests that if Bitcoin falls below this level, it could drop to $56,200. On the other hand, if cryptocurrency can rise above $62,300, it could signal a potential upswing to $66,500.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="669" src="https://cdn.thebittimes.com/images/2024/04/18/a6c878b87a3a1f222a1712ca14183825.webp" alt class="wp-image-169806" srcset="https://cdn.thebittimes.com/images/2024/04/18/a6c878b87a3a1f222a1712ca14183825.webp 1024w, https://cdn.thebittimes.com/images/2024/04/18/a6c878b87a3a1f222a1712ca14183825.webp 300w, https://cdn.thebittimes.com/images/2024/04/18/a6c878b87a3a1f222a1712ca14183825.webp 768w, https://cdn.thebittimes.com/images/2024/04/18/a6c878b87a3a1f222a1712ca14183825.webp 1536w, https://cdn.thebittimes.com/images/2024/04/18/a6c878b87a3a1f222a1712ca14183825.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Bitcoin seven-day price chart. Source: TradingView/Ali Charts
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 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin price analysis</h2>
 <p class="paragraph">After reaching a daily high of approximately $62,210, Bitcoin price today has retraced and is struggling to maintain its price above $61,000. At press time, BTC was trading at $61,080, marking a correction of 3.49% in the last 24 hours.&nbsp;</p>
 <p class="paragraph">Furthermore, the cryptocurrency has experienced a notable decline of 13.85% over the past week.&nbsp;</p>
 <figure class="wp-block-image size-full"><img decoding="async" width="660" height="537" src="https://cdn.thebittimes.com/images/2024/04/18/9bbfb8a15c7306b064e70ee4ec2049a6.webp" alt class="wp-image-169809" srcset="https://cdn.thebittimes.com/images/2024/04/18/9bbfb8a15c7306b064e70ee4ec2049a6.webp 660w, https://cdn.thebittimes.com/images/2024/04/18/9bbfb8a15c7306b064e70ee4ec2049a6.webp 300w" sizes="(max-width: 660px) 100vw, 660px">
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   Bitcoin 7-day price chart. Source: <em>Finbold</em>
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 <p class="paragraph">Essentially, Bitcoin’s climb towards $70,000 faced challenges despite the introduction of spot crypto exchange-traded funds (ETFs) in Hong Kong, offering some hope for investors affected by China’s crypto ban in 2021.&nbsp;</p>
 <p class="paragraph">Whether these ETFs will spark a Bitcoin surge like in the U.S. is uncertain. With BTC’s current downward trend, investors are now focused on how the upcoming halving event will impact the market.&nbsp;</p>
 <p class="paragraph"><strong><em>Disclaimer</em></strong><em>: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bulls-vs-bears-analyst-warns-of-bitcoin-crash-to-56k-tbt85673.html">https://thebittimes.com/bulls-vs-bears-analyst-warns-of-bitcoin-crash-to-56k-tbt85673.html</a></p>

Bulls vs. bears: Analyst warns of Bitcoin crash to $56k

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