Bitcoin Price Rebounds Above $67k Fueled by Heighted Demand Amid Incoming Halving Event
The post Bitcoin Price Rebounds Above $67k Fueled by Heighted Demand Amid Incoming Halving Event appeared first on Coinpedia Fintech News
- Bitcoin price is currently forming a bullish pattern on the higher time frames, which signals uptrend continuation soon.
- Bitcoin halving is about two weeks from happening, which will further escalate the supply vs demand shock.
- US Fed Chair Jerome Powell said he expects rate cuts at some point this year.
Bitcoin (BTC) price briefly rallied above $69,000 on Thursday after rebounding from the support level of around $64,500. The flagship coin has since retraced around 3 percent to trade at around $67k on Friday during the early London session. The heightened Bitcoin volatility triggered nearly $230 million in cryptocurrency liquidations, as altcoins dropped further
Macro Fundamentals at Play
According to market data from CryptoQuant, more than 90,700 Bitcoins have been withdrawn from major cryptocurrency exchanges over the past month. The notable Bitcoin demand from the spot BTC ETFs has significantly contributed to the decline in exchange supply in the recent past.
Moreover, the fourth halving is expected to happen in about 16 days, whereby the daily miners’ reward will decline from 900 to about 450 coins.
Meanwhile, more investors around the world are fleeing to Bitcoin and other crypto assets to hedge against untamed fiat inflation. On Thursday, Fed Chairman Jerome Powell told an audience at Stanford that he continues to expect rate cuts at some point this year.
Also Read : XRP Aim For $1 Amidst Whales Massive Sell-Off of 82.67 Million Tokens!
Midterm Bitcoin Price Expectations
Bitcoin price has been consolidating since it reached a new high of around $74k last month. Having established a support level of around $67k, Bitcoin price is likely to reach a fresh all-time high in the coming weeks fueled by the upcoming halving event.
According to a Bitcoin price analysis by a popular crypto analyst alias Captain Faibik, the flagship coin is forming a bullish pennant triangle that could send it above $82k soon. However, the crypto analyst noted that Bitcoin price must consistently close above the resistance level of around $70k in the coming days to invalidate further correction
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