As the Bitcoin halving draws near, the cryptocurrency market witnesses a slight downturn, with total market capitalization dropping by 3.4 percent. Concerned about potential forced liquidation, traders are turning to stablecoins for safety. Meanwhile, Bitcoin’s price shows signs of further decline, forming a bearish pattern on shorter time frames.
Analysts at JPMorgan anticipate a weakening of Bitcoin’s price post-halving, citing overbought conditions in BTC futures’ open interest. This cautious outlook contrasts with the usual hype surrounding halving events.
Bitcoin whales, those holding large amounts of the cryptocurrency, are making strategic moves ahead of the halving. With Bitcoin becoming harder to obtain over time, long-term holders are holding onto their assets tightly. This accumulation trend among whales reflects a strong belief in Bitcoin’s future.
On-chain data from CryptoQuant reveals a notable inflow of over 27,700 BTC, valued at approximately $1.72 billion, into accumulation addresses in recent days. Despite market uncertainties, this influx signals confidence among certain market segments.
Also Read: Top Reasons Why Bitcoin Price is Down Today
Bitcoin’s price has been on a rollercoaster ride, reaching an all-time high of around $74k in March before plummeting by 24 percent since April’s start. Currently, Bitcoin is trading around $61,376 during the mid-London session on Thursday.
Jason Pizzino, a respected crypto analyst from Australia, stresses the importance of Bitcoin holding support at around $59k to avoid a potential drop to $56.2k. Failure to maintain this level could embolden crypto bears, potentially pushing Bitcoin’s price down to the $50k-$53k range.
As the Bitcoin halving approaches, the cryptocurrency world holds its breath, awaiting the outcome and its impact on the broader market landscape.
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