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Bitcoin

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<ul> 
 <li>Bitcoin struggles to breach the $71,400 resistance, raising concerns about a continued downtrend.</li> 
 <li>Analysts from Coinotag suggest that failing to close a 4-hour candle above $71,400 could strengthen the bearish trend.</li> 
 <li>A close above $65,700 on a 4-hour candle could signal a bullish reversal from the green support zone.</li> 
</ul> 
<p><strong>This analysis delves into Bitcoin’s immediate future as it approaches a critical halving event, exploring potential movements above key resistance levels.</strong></p> 
<h2 id="strong-mid-term-bitcoin-analysis-strong"><strong>Mid-Term Bitcoin Analysis</strong></h2> 
<p><a href="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2024/04/BTCUSDT-4H-Chart-12-April.webp?quality=70&amp;ssl=1"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-137960" src="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2024/04/BTCUSDT-4H-Chart-12-April.webp?resize=696%2C330&amp;quality=70&amp;ssl=1" alt="BTCUSDT-4H-Chart-12 April" width="696" height="330" srcset="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2024/04/BTCUSDT-4H-Chart-12-April.webp?w=2560&amp;quality=70&amp;ssl=1 2560w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2024/04/BTCUSDT-4H-Chart-12-April.webp?resize=300%2C142&amp;quality=70&amp;ssl=1 300w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2024/04/BTCUSDT-4H-Chart-12-April.webp?resize=1024%2C486&amp;quality=70&amp;ssl=1 1024w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2024/04/BTCUSDT-4H-Chart-12-April.webp?resize=768%2C365&amp;quality=70&amp;ssl=1 768w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2024/04/BTCUSDT-4H-Chart-12-April.webp?resize=1536%2C729&amp;quality=70&amp;ssl=1 1536w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2024/04/BTCUSDT-4H-Chart-12-April.webp?resize=2048%2C972&amp;quality=70&amp;ssl=1 2048w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2024/04/BTCUSDT-4H-Chart-12-April.webp?resize=150%2C71&amp;quality=70&amp;ssl=1 150w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2024/04/BTCUSDT-4H-Chart-12-April.webp?resize=696%2C330&amp;quality=70&amp;ssl=1 696w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2024/04/BTCUSDT-4H-Chart-12-April.webp?resize=1068%2C507&amp;quality=70&amp;ssl=1 1068w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2024/04/BTCUSDT-4H-Chart-12-April.webp?resize=1920%2C911&amp;quality=70&amp;ssl=1 1920w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2024/04/BTCUSDT-4H-Chart-12-April.webp?w=1392&amp;quality=70&amp;ssl=1 1392w" sizes="(max-width: 696px) 100vw, 696px" data-recalc-dims="1"></a></p> 
<p>An examination of Bitcoin’s current technical chart reveals a tendency to continue its downward movement unless it can surpass the $71,400 mark. According to Coinotag analysts, the price’s inability to close a 4-hour candle above this level may signal a strengthening of the bearish trend.</p> 
<h3 id="strong-immediate-resistances-and-supports-strong"><strong>Immediate Resistances and Supports</strong></h3> 
<p>Bitcoin’s failure to break the $71,400 resistance increases the likelihood of a downward trend. Short-term traders are advised to exercise caution. Should Bitcoin close a candle below the ascending channel line, the downtrend could extend to $67,790. A further drop to the $66,650 area could follow a potential retest movement. However, for a bullish reversal from the green support zone, Bitcoin must close a 4-hour candle above $65,700.</p>
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<h3 id="strong-anticipating-the-halving-event-strong"><strong>Anticipating the Halving Event</strong></h3> 
<p>Coinotag analysts predict that Bitcoin could dip into the specified green zone ahead of the halving, but also suggest that the commencement of the halving could kickstart a rally to $75,000 from this very zone. This analysis underscores the significance of the halving event in Bitcoin’s price dynamics, offering a glimmer of hope for investors looking for a bullish turnaround.</p> 
<h3 id="strong-trading-strategies-and-recommendations-strong"><strong>Trading Strategies and Recommendations</strong></h3> 
<p>Given the current market conditions and the potential impact of the Bitcoin halving, traders might want to adopt a cautious approach. Monitoring the key resistance and support levels mentioned could provide strategic entry and exit points. The halving event represents a pivotal moment that could significantly alter market sentiment, making it essential for investors to stay informed and agile.</p> 
<h3 id="strong-conclusion-strong"><strong>Conclusion</strong></h3> 
<p>In conclusion, while Bitcoin faces significant resistance at $71,400, the upcoming halving event could provide the necessary catalyst for a bullish reversal. Investors and traders should closely watch the $65,700 and $71,400 levels for signs of Bitcoin’s next major move. With careful analysis and strategic positioning, there lies an opportunity to capitalize on the potential market shifts surrounding the halving.</p>
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Bitcoin BTC’s Path to Recovery: Will the Upcoming Halving Trigger a Rise Above $71,400?

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