For analysts, the decline in bitcoin was expected after the strong rise just days before the halving occurred.
The focus remains on Bitcoin, with the next halving scheduled for April 19-20.
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Moderation seems to have taken over the cryptocurrencies, especially for the bitcoin, which days before the halving now remained below US$70,000 after reaching historical records.
For analysts, the decline in bitcoin was expected after the strong rise just days before the event occurred.
Halving in sight
The focus remains on Bitcoin, with the next halving scheduled for April 19-20. Although halvings have traditionally coincided with bullish cycles, pessimistic voices are gaining strength this timesuggesting that the impact on prices may not be as significant as in the past.
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There is uncertainty about the future behavior of Bitcoin prices, especially with the success of BTC ETFs, the effect of which could have partially anticipated the potential halving momentum. However, BTC and ETH perpetual futures open interest has reached all-time highs in dollar terms, indicating strong activity in the derivatives market.
Regarding macroeconomic factors, the US inflation data for March, which will be released soon, could influence Bitcoin prices. A rise in inflation could support the recent tightening stance of the Federal Reserve (Fed).
From the technical point of view, Markus Thielen, an analyst at 10x Research and Matrixport, suggests that bitcoin’s recent bullish move puts it in a favorable position to reach new all-time highs. YesAccording to Thielen, a bullish breakout could take bitcoin above $80,000 in the coming weeks.
Source: Ambito
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