News View Non-AMP

Bitcoin (BTC) Price Stalls After Halving: What’s Next – Rally or Correction?

Published by
Elena R

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.

Insights from On-Chain Data and Market Activity

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

Technical Signals In Focus

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?

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

Recent Posts

CME Group to Launch XRP Futures in May; Here’s What to Expect from the XRP Price Rally

Compared to the other cryptos, XRP has been displaying enormous strength as the bulls have…

April 24, 2025

CME Group to Launch XRP Futures on May 19

CME Group has announced plans to launch XRP futures on May 19, pending regulatory approval.…

April 24, 2025

Coinbase Joins Forces with PayPal to Boost PYUSD Adoption

Coinbase has expanded its partnership with PayPal to help drive adoption of the PayPal USD…

April 24, 2025

Ethereum’s 2025 Crash Wipes Out All 2024 Gains: What Happened?

The crypto market took a hit in early 2025 in contrast to the late 2024…

April 24, 2025

Ripple XRP Price Prediction 2025, 2026-2030: Will XRP Reach $5?

Story Highlights The XRP Price LIVE: . The price could hit a high of $3.99…

April 24, 2025

This Could Be the Only Crypto at $0.025 Worth Buying Before Altseason Begins

With altseason getting closer and big players positioning early, Mutuum Finance (MUTM) is becoming harder…

April 24, 2025