March 27, 2024
Bitcoin Consolidates Amid ETF Surge, Halving Ahead
Bitcoin Halving

Bitcoin Consolidates Amid ETF Surge, Halving Ahead

Bitcoin’s (BTC) value has remained relatively stable, fluctuating within the range of $51,300 to $52,800 since last Thursday. Despite increased investment in spot Bitcoin exchange-traded funds (ETFs) in the United States, indicating growing interest, the leading cryptocurrency has shown signs of short-term reversal. This is exemplified by the formation of a triple top pattern and a bearish divergence on the Relative Strength Index (RSI) observed in the four-hour BTC/USD pair.

Growing Pressure on Spot Bitcoin ETFs
It’s worth noting that the influx of Bitcoin into accumulation addresses has reached a record high of 25,300, as reported by CryptoQuant’s market data. This surge in demand from institutional investors is reflected in the significant increase in daily average trading volume for VanEck’s HODL, which has spiked by 14 times to approximately $300 million. Similarly, the WisdomTree Bitcoin Fund (BTCW) has experienced a twelvefold rise in daily trading volume over the past 24 hours, reaching around $154 million.

BTC Price Outlook Ahead of the Halving
With the fourth Bitcoin halving event approximately 59 days away, the current annual inflation rate is poised to decrease from 1.69 percent to 0.84 percent. Despite being about 33 percent below its all-time high (ATH), there is a prevailing bullish sentiment among investors, indicating a potential upward trajectory in the short term. Several cryptocurrency analysts anticipate a surge in Bitcoin’s price towards its ATH of $69,000 during the halving rally. However, caution is advised due to the heightened volatility in the market.

One notable analyst, Mags, known as @thescalpingpro on X platform, has suggested the possibility of Bitcoin forming a macro inverse head and shoulder (H&S) pattern, with a support level around $41,000. The analyst anticipates a breakout to a new ATH following the upcoming halving event.

Image by MasterTux from Pixabay

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