Following the massive crash of OIL which went into negative numbers on its Futures market, Bitcoin saw a 4% price decrease on April 20. Yesterday the volatility dropped significantly as there was a lot of uncertainty about Bitcoin’s next move. The bulls were able to hold daily support again and have now formed a clear daily equilibrium which is favoring the bulls.
Bears have been unable to see any sort of continuation after significant crashes. Bitcoin is currently trading above $7,155 and has managed to break above both daily EMA’s. The daily MACD has also managed to stay bullish.
The traditional stock market has also seen a significant bounce today after oil prices wobbled. Bitcoin is now eying up the last daily high at $7,293 and $7,459. A break above $7,293 would mean a break above the daily Equilibrium pattern. The bulls would have more than enough momentum to break above the next resistance and get close to $8,000.
Bitcoin Halving is Less Than 20 Days Away
With only 19 days and 16 hours left for Bitcoin’s big event, traders and analysts are ecstatic about BTC’s price action.
A lot of crypto enthusiasts are reminding people that Bitcoin has gone through a lot but the value of BTC has been going up throughout the years despite the crashes. The first Bitcoin halving back in December 2012 didn’t immediately propel Bitcoin to the moon. The next few weeks after the event were rather calm without a lot of price action, however, BTC managed to see a 10,000% price increase for the next year.
Similarly, on the second halving, Bitcoin kept trading sideways for months but also eventually saw a significant increase in price. Obviously, this halving is fundamentally different as Bitcoin is in a different market with a lot more demand and interest even from big businesses and companies.
It’s unclear whether the upcoming Bitcoin halving will have an immediate effect on BTC’s price or if it’s going to take months to see anything significant.