Movement

Bitcoin

Resistance

Rekt

<p>The post-halving price action of&nbsp;<a href="https://www.thecoinrepublic.com/price-prediction/bitcoin/">Bitcoin</a>&nbsp;is following the patterns similar to the 2015-2017 period very closely. The cryptocurrency, which had earlier touched a high of $61,000, fell sharply to $49,000, a 20% drop. Past trends indicate that the same has happened in previous cycles which gives reference to current market anticipations.</p> 
<p>In the second halving of July 2016, the price drop was 27% after the halving, but eventually, the price bounced back and pushed new all-time highs. This pattern has repeated itself one more time only this time there is a difference in the time and degree. Regardless, Bitcoin is still following the expected pattern of the previous cycles and is expected to recover.</p> 
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   <p lang="en" dir="ltr">Please note that <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> decline since halving is now similar to that of the 2015-2017 Halving Bull market cycle <a href="https://t.co/cIm3WKzBog">pic.twitter.com/cIm3WKzBog</a></p>— Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1820421762493890737?ref_src=twsrc%5Etfw">August 5, 2024</a>
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<h2 class="wp-block-heading" id="h-current-market-dynamics-and-resistance-challenges"><strong>Current Market Dynamics and Resistance Challenges</strong></h2> 
<p>At the moment, Bitcoin has a strong resistance at $73,800 with several failures to stand above $70,000. This resistance is substantiated by data indicating that several Bitcoin wallets hold approximately 3.75 million BTC within a price range of $62,344.91 to $72,500, marking it as a critical threshold for price movements.</p> 
<p>Moreover, the asset has depreciated by 26% since the last halving, which is in line with previous declines seen during the 2015-2017 period. These levels have attracted a lot of attention from market analysts as their overcoming can signal new&nbsp;<a href="https://www.thecoinrepublic.com/2024/08/05/3-bitcoin-metrics-signal-at-a-possible-reversal-after-the-crash/">upward price action.</a></p> 
<h2 class="wp-block-heading" id="h-bitcoin-and-cme-gaps-market-movement-indicators"><strong>Bitcoin and CME Gaps: Market Movement Indicators</strong></h2> 
<p>Lately, Bitcoin closed a major Chicago Mercantile Exchange (CME) gap which signifies a possible change in market trend. This gap, between $59,400 and $62,550, shows that there was no trading activity. Generally, a fill implies that there is a tendency for the price to rise.</p> 
<p>Analysts have noted that the closure of these gaps often precedes market reversals, guiding investors on potential future movements.</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> <br><br>Bitcoin has completely filled the CME Gap<br><br>But the severity and extent of this current correction means a brand new CME Gap has developed<br><br>New CME Gap is located between ~$59400-$62550<br><br>Bitcoin would need to reverse to the upside to fill it<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://t.co/Rdvx2DPq4Q">https://t.co/Rdvx2DPq4Q</a> <a href="https://t.co/qg4N9g384K">pic.twitter.com/qg4N9g384K</a></p>— Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1820390648068936128?ref_src=twsrc%5Etfw">August 5, 2024</a>
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<p>Some more gaps which mean that more short-term volatility is possible have been revealed. These gaps are being viewed as essential tools for traders to predict the near-future movements of Bitcoin prices. A push and maintain above these gaps could trigger a bullish trend while failure to close these gaps could intensify the bearish trend.</p> 
<h2 class="wp-block-heading" id="h-economic-context-and-future-outlook"><strong>Economic Context and Future Outlook</strong></h2> 
<p>The backdrop of a global economic downturn has introduced unique challenges to&nbsp;<a href="https://www.thecoinrepublic.com/2024/08/05/crypto-market-crash-will-bitcoins-sharp-decline-trigger-further-crypto-market-losses/">Bitcoin</a>‘s recovery cycle. Unlike previous post-halving periods, the current economic climate could influence investor behavior and market dynamics in novel ways. However, Bitcoin’s historical resilience and pattern of overcoming post-halving declines might still play a crucial role in its trajectory.</p> 
<p>As the market navigates through these economic and technical hurdles, Bitcoin’s behavior continues to be a focal point for investors. With Bitcoin still in its halving year and facing global economic pressures, the coming months are crucial. It remains to be seen if Bitcoin will replicate its historical recovery patterns or carve out a new path in response to evolving market conditions.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/08/06/bitcoins-post-halving-decline-mirrors-2015-2017-trends-with-a-20-drop-to-49000/">Bitcoin’s Post-Halving Decline Mirrors 2015-2017 Trends with a 20% Drop to $49,000</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

Bitcoin’s Post-Halving Decline Mirrors 2015-2017 Trends with a 20% Drop to $49,000

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