Bitcoin under downward pressure – what will the upcoming halving bring?
Bitcoin Price Under Downward Pressure
The price of Bitcoin (BTC) has been hovering around $66,000 for several weeks, but recent data and analyses indicate potential downward trends in the near future.
Price Consolidation and Expectations of a Drop
Despite a brief price increase in the past 24 hours, indicators and metrics suggest an expected decline in the value of the most popular cryptocurrency in the market. Analysts warn investors that the price of BTC may not reach a new all-time high before the upcoming halving.
Halving – a Crucial Moment for Bitcoin
The upcoming halving, scheduled in 15 days, is of significant importance for the development prospects of Bitcoin prices. The expected reduction in emission rates and rewards for miners could impact the stabilization of the cryptocurrency’s value, but it may also result in short-term price drops.
Technical Analysis and Market Indicators
By analyzing charts and market indicators, one can observe the direction in which the price of Bitcoin is heading. Data from CryptoQuant points to a possible market downturn, with indicators like ASORP and the MFI index signaling a price decrease in the coming days.
Bollinger Bands, indicating price volatility, suggest short-term stabilization, although sharp price movements cannot be ruled out. Analysis of the Bitcoin daily chart confirms that the market is currently under bearish control.
Price Support for Bitcoin
Despite downward pressure, analyses indicate that BTC has strong support around $66,000. Moreover, in case of further declines, support can be expected around the $60,000 range, which could halt further decreases in the cryptocurrency’s value.
