Bitcoin

The post <a href="https://coinpedia.org/price-analysis/bitcoin-accumulates-post-halving-heres-why-this-is-a-huge-bullish-signal/">Bitcoin Accumulates Post-Halving: Here’s Why This is a Huge Bullish Signal</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
Just a few days ago, at the block height of 840,000, <a href="https://coinpedia.org/news/bitcoin-halving-2024-unveiling-the-impact-on-btc-price-and-crypto-market-dynamics/">Bitcoin underwent the 4th halving</a>, which reduced the miner’s rewards from 6.25 BTC to 3.125 BTC. Soon after this, the price experienced a notable rise, resulting in a breakout from a consolidation zone below $62,000 to the current level of $67,000. This rise after the halving suggests growing trading activity over the platform with a notable rise in the buying pressure. Therefore, it appears that the <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noreferrer noopener">BTC price</a> may soon begin with a fresh bullish spell.&nbsp; 
With the recent surge, <a href="https://markets.coinpedia.org/bitcoin/">Bitcoin</a> enters the post-halving re-accumulation phase, which is usually considered a bullish signal. Having said that, <a href="https://coinpedia.org/price-analysis/bitcoin-price-reclaims-66000will-this-validate-a-bullish-continuation-of-an-upside-move/">Bitcoin is showing huge signs of strength</a> and growth as it began the trading day above $66,800. This recovery was extremely important as another bounce from the $60,000 levels has squashed the possibility of marking the lows below the range.&nbsp; 
What’s next? When will the bull run begin? 
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The short-term trade indicates the price has reached one of the crucial zones between the 100-day &amp; 200-day MA levels. The price has been constantly forming higher highs and lows after the rebound and is approaching the crucial resistance at $68,596.8. However, the bears are mounting enough pressure due to which, the possibility of plunging below the 200-day MA at $67,170.83.&nbsp; 
Also Check Out : <a href="https://coinpedia.org/price-analysis/bitcoin-consolidates-above-66000-following-post-halving-pressure-heres-what-to-expect-next/">Bitcoin Consolidates Above $66,000 Following Post-Halving Pressure! Here’s What To Expect Next</a> 
The technicals have flipped into slightly bullish in the 4-hr chart which suggests the price may maintain a healthy upswing for some more time. Besides, the price is undergoing a v-shape recovery and hence a bullish push could lead to a rally to $70,000, only if it closes the day’s trade above the 100-day MA at $68,929.93. The RSI has reached the upper threshold and before marking the overbought levels, has triggered a bearish pullback.&nbsp; 
On the other hand, the stochastic RSI is preparing for a pullback which suggests, that the Bitcoin (BTC) price may maintain a healthy consolidation for a while. The volume has dropped below 5K in 4-hr and hence a slight increase above 8K may trigger a breakout above the range. Therefore, the upcoming couple of days can be considered important which may determine the next course of action.&nbsp; 
Read Also : <a href="https://coinpedia.org/price-analysis/bitcoin-ethereum-and-xrp-price-prediction-can-we-see-post-halving-rally-this-week/">Bitcoin, Ethereum and XRP Price Prediction:&nbsp; Can we See Post-Halving Rally This Week?</a>

Bitcoin Accumulates Post-Halving: Here’s Why This is a Huge Bullish Signal

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Alte articole publicate pe 23 apr. 2024

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