Five days after the fourth Bitcoin (BTC) halving, the cryptocurrency is still caught in a sideways movement, trading between $60,000 and $74,000. Despite this, Bitcoin has shown a gradual upward trend, with Wednesday’s mid-London session seeing it priced around $66,377.
Amidst the market’s uncertainty, Bitcoin has found a strong support level at approximately $64,903, offering some stability even in the face of sudden market shifts.
On-chain data reveals a significant decrease in Bitcoin accumulation by large investors. CoinShare’s weekly report further confirms this trend, showing a net outflow of around $206 million from digital asset investment products, mainly driven by Bitcoin and Ethereum.
Despite these fluctuations, there’s optimism for increased Bitcoin demand in the near future. Hong Kong’s upcoming launch of spot BTC ETF trading by month-end is expected to fuel this demand. Additionally, the release of US federal funds rates in early May will offer insights into potential rate adjustments for the year.
Also Read: Crypto Hub Hong Kong! Bitcoin & Ethereum ETFs to Launch on April 30
Confidence in Bitcoin’s upward trajectory remains strong, supported by recent BTC ETF approvals in the US and Hong Kong. The cryptocurrency is currently retesting its 2021 bullish breakout, with various indicators suggesting a pending rally.
Crypto analyst Rekt Capital believes Bitcoin is currently in an accumulation phase, poised for a surge based on historical patterns. This sentiment is echoed by many in the industry, with expectations of continued consolidation, potentially creating opportunities for alternative cryptocurrencies.
On a cautionary note, analyst Ali Martinez points out that the 12-hour TD Sequential indicator has signaled a sell. Traders are advised to remain vigilant, especially if Bitcoin drops below the support level of around $65,500, which could trigger a retreat to the $61,000 support level.
Do you think Bitcoin is coiling for a breakout or headed for a correction?
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