Bitcoin Price Surpasses $69k Driven by Halving Frenzy, but is it Sustainable?
Bitcoin Price Rebounds to $67k After Brief Surge Above $69k
Bitcoin (BTC) enthusiasts were taken on a thrilling ride as the leading cryptocurrency momentarily surpassed the $69,000 mark on Thursday, recovering from its support level near $64,500. However, the excitement was tempered as it experienced a 3 percent dip, settling around $67,000 during Friday’s early London session.
This surge in Bitcoin’s value led to the liquidation of nearly $230 million in cryptocurrencies, causing increased volatility across the market.
Macro Fundamentals in Play
Data from CryptoQuant revealed a significant withdrawal of over 90,700 Bitcoins from major exchanges in the past month, indicating a growing demand for Bitcoin, driven in part by spot BTC ETFs.
Analyzing Investor Sentiment
The upcoming fourth halving event, only 16 days away, is expected to reduce the daily miners’ reward from 900 to approximately 450 coins. This change is eagerly anticipated by cryptocurrency enthusiasts and investors.
In the face of global economic uncertainties, more investors are turning to Bitcoin and other crypto assets as a hedge against fiat inflation. This trend gained momentum after Federal Reserve Chairman Jerome Powell hinted at potential rate cuts during a recent address at Stanford University.
Bitcoin Predictions and Analysis
Although Bitcoin has consolidated since reaching a record high of around $74,000 last month, it has found support around $67,000. Speculation surrounding the upcoming halving event suggests that Bitcoin’s price could once again break through in the coming weeks.
Prominent crypto analyst Captain Faibik has made an astute observation, suggesting that Bitcoin is forming a bullish pennant triangle, potentially driving its value beyond $82,000 in the near future. However, the analyst emphasizes the importance of sustained closures above the critical resistance level of approximately $70,000 to avoid further correction.
Are you bullish or bearish on Bitcoin’s future? Share your predictions!
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