Bitcoin gains 0.50% to a level of 61,500 USD. Today, we observe the price stabilizing around the support level above 60,000 USD. These levels have been defended several times in recent weeks and are crucial again this time.
On the night of April 19 to 20, from Friday to Saturday, the Bitcoin halving will take place. This means that the rewards for each subsequent block will be halved. This key event is considered by many investors as a catalyst for a new bull market. On one hand, the fact is that the supply is limited, and in the long term, if demand is maintained, this can positively influence the price. However, on the other hand, the halving itself does not change much and probably the only thing we will observe is high volatility in the cryptocurrency, something like the moment of ETF acceptance by the SEC in January. It is important to remember that besides the panic of short-term investors, the current selling pressure also comes from miners. They are responsible for validating subsequent blocks, and in return, they receive rewards, which will be halved post-halving. The additional supply from miners is a result of their necessity to secure their business after the halving and to maintain liquidity.
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Bitcoin has been supported from below by the zone around 60,000 USD for some time now. This is an important support setting the lower boundary of consolidation channel. In recent days, we have observed several attempts to break this line. In such a scenario, the key and last support could be the level of 57,000-58,000 USD. This is also an important support zone, and more importantly, a level where the profitability threshold for short-term investors currently is. This line, during the Bitcoin bull market, often served as the final range of short-term corrections.
Source: xStation 5
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