Bitcoin

April

Rekt

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin (BTC) reclaimed the $65,000 level, marking its highest daily close in over ten days on April 21.</li>
 <li>The Bitcoin open interest funding rate indicates a rising appetite for long positions, suggesting a potential uptrend.</li>
</ul>
<p>Bitcoin’s price rose from $64,346 to an intraday high of $66,527 on April 22, marking a 3.5% increase.</p>
<p>At the time of publication, the BTC price was trading at $65,910, up 1.7% over the last 24 hours.</p>
<h2 id="post-halving-uptrend">Post-Halving Uptrend</h2>
<p>Following the Bitcoin supply halving two days ago, the price of the cryptocurrency has risen by 5%.</p>
<p>This halving event saw miner rewards cut in half, from 6.25 BTC per block to 3.125 BTC, leading some to speculate on whether Bitcoin will continue its uptrend.</p>
<p>Data from Coinglass reveals that Bitcoin’s open interest (OI) funding rate flipped negative on April 18 and again on April 21.</p>
<p>However, the metric is now back in the positive region and resting at 0.0079% on April 22, indicating a rising appetite for long positions.</p>
<h2 id="bitcoin-price-strength">Bitcoin Price Strength</h2>
<p>Last week, Bitcoin’s price action was characterized by selling at each Wall Street open.</p>
<p>However, independent trader Skew described the weekly close above $65,000 as “pretty good.”</p>
<p>Bitcoin has since climbed above this zone and now sits on relatively strong support defined by this demand area.</p>
<p>Crypto analyst Rekt Capital stated that Bitcoin has established strength above the $60,000 mark.</p>
<p>According to him, Bitcoin is likely to accumulate between the $60,000 range low and $70,000 range high for a few months in a “re-accumulation” phase before the price enters a “post-halving parabolic upside.”</p>
<h2 id="perspective-on-post-halving-upside">Perspective on Post-Halving Upside</h2>
<p>With the fourth Bitcoin halving now complete, market participants are considering how Bitcoin price will react afterward.</p>
<p>One of them, pseudonymous user Moustache, shared a chart tracking Bitcoin’s price action since it reached its previous peak in 2021.</p>
<p>According to Moustache, the next important target for BTC price moving forward is the $80,000 mark.</p>
<p>From a technical perspective, Bitcoin’s price action has painted a bull flag on the weekly chart, which hints at the continuation of the uptrend.</p>
<p>BTC bulls face resistance from the flag’s upper boundary at $67,500.</p>
<p>A weekly candlestick close above this level would signal a possible breakout from the chart formation, clearing the path to the $73,835 all-time high and later to the $80,000 mark.</p>
<p>Such a move would represent a 13% ascent from the current price.</p>

Predicting $80K+ Bitcoin Value: Traders Optimistic Following Funding Rate Adjustment

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