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Bitcoin (BTC-USD) started this month on a weaker note after last month’s rally, with the top cryptocurrency set to fall ~2.6% this week.
As for the halving event expected in a little over two weeks, some believe current prices may have already factored in the event, while others argue there may still be some upside ahead.
“After hitting and breaking the resistance zone coming from the two major peaks in 2021, BTC stalled and started moving sideways but did not break back below the former resistance level, which is now acting as support. So that is an indication that the market feels quite comfortable here,” said Julius de Kempenaer, Senior Technical Analyst at StockCharts.com.
Kempenaer expects an upward break and a further rally in the next week or two.
BTC started the week strongly, as it touched $70K on Monday, but dropped significantly below the mark on Tuesday, after the U.S. manufacturing activity came in hotter than expected.
BTC, however, caught a bid on Thursday, on a day when the U.S. stocks closed lower, after some Federal Reserve speakers issued cautious commentary on rate cuts, adding more evidence is needed before interest rate cuts are implemented.
“Historically, BTC halving events have marked significant points followed by 9-18 months of uptrend, culminating in cycle peaks. However, for the first time, BTC reached its all-time high in anticipation of the halving, indicating a departure from previous cycles,” said Matteo Greco, research analyst at Fineqia International.
“If historical patterns repeat, we may witness an uptrend for the remaining nine months of 2024, leading to a cycle peak expected between Q4 2024 and Q2 2025,” Greco added.
Notable News
- There has always been the group of Bitcoin (BTC-USD) and crypto related investors, but since the launch of the 11 spot Bitcoin exchange traded funds, TD securities noted that the tune has changed as it is observing new money coming into the space from other parties.
- Bitcoin (BTC-USD) miners reported their March production this week, with Riot Platforms (RIOT) up 2% M/M rise, Marathon Digital (MARA) up 7% increase M/M. Argo Blockchain (ARBK) up 5% BTC M/M, while Bit Digital (BTBT) up by 6%, CleanSpark (CLSK) up 24% M/M.
- Cryptocurrency firm Ripple said it is planning to launch its own stablecoin backed by the U.S. dollar, making its first foray into the $150B market.
- Coinbase Global (COIN) has obtained a restricted dealer license in Canada, according to a Thursday media report, enabling the U.S.-based cryptocurrency exchange to operate legally in the country.
Bitcoin, Ether prices
Bitcoin (BTC-USD) was down 1.5% on a daily basis to $67.6K as at 3:00 pm on Friday, and Ether (ETH-USD) fell ~1.6% to $3.3K