An explosive halving? The upcoming Bitcoin halving is causing both concern among miners and enthusiasm among investors. This fourth reduction, planned for April, will bring profitability challenges for less equipped miners, while investors anticipate increased scarcity of Bitcoin, which could increase prices under the Stock-to-Flow model.
The price of Bitcoin has already marked an ATH against certain currencies. However, against the dollar, the price of the king of cryptocurrencies oscillates beyond $50,000. Let’s analyze the BTC situation in today’s bulletin!
Bitcoin price stagnates in 24 hours
BTC took advantage of the weekend to return to the $52,000 level. Despite this, the price of Bitcoin stagnates in 24 hours And drop of 1% in one week :
In one month, BTC shows a increase of more than 20%. Also, in three months, the course is in increase of almost 40%. For its part, the BTC/ETH pair drop of almost 3% in 24 hours and of 8% in one week. Ethereum continues to gain ground against the king of cryptocurrencies.
The price of Bitcoin remains bullish weekly beyond $51,000
After having chained four weeks in a row in the greenBTC marks a week in the red with the fence $51,700. For the moment, the price is evolving at the level of support at $51,000and the price continues to show a bullish momentum with ascending troughs and peaks:
If buyers show themselves at the level of supportthe course could seek the next weekly resistance located at $60,000. On the other hand, in the event of loss of $51,000the price could return to the support at $47,000. In the event of a fall, the institutional bias (EMA 9/EMA 18) bullish could act as dynamic support.
The RSI displays a bullish momentum beyond the bullish trendlineTHE buyers have their hands on momentum. However, the RSI has recently failed to mark a new high as on price. Therefore, a bearish divergence could be put in place in the event of closure under 65.
The range continues for the king of cryptocurrencies
For more than a week now, the course has been evolving within a range between $50,500 and $52,500. Buyers defend support, and sellers are present at resistance:
A breakage of the support could cause bearish volatility and bring the course back to the level at $47,700. On the other hand, a break of $52,500 could send the course towards the resistance at $57,500. The RSI is trying to break the bearish trendlineif this is confirmed, bullish volatility could intervene.
The king of cryptocurrencies records a week in the red with the close below $52,000. However, the price maintains bullish momentum, and if the support at $51,000 is maintained, a return to $60,000 is possible. In the short term, the price is moving within a range that will need to be broken upwards to hope to return to $57,500. At the same time, Ethereum is back at $3,100, is its bull run just beginning?