- The price of Bitcoin has rebounded 15% after a brief dip, defying some predictions made before the futures expiry.
- Analysts have debated the Bitcoin dominance chart, with some predicting a rise.
- Bullish momentum has pushed the price back up, but caution is advised as a key support level approaches.
The past two weeks have seen a significant resurgence in Bitcoin’s price. After a period of decline, the world’s leading cryptocurrency has climbed back 15% after retesting the $60,000 psychological level. With the halving approaching in less than a month, analysts are closely watching developments to understand what’s next for the crypto industry.
To keep our readers informed, the DailyCoin team is committed to providing comprehensive updates. In this Bi-Weekly DailyCoin Bitcoin Regular, compiled by our expert Kyle Calvert, we will explore recent developments surrounding Bitcoin and delve into explanations behind the recent price fluctuations. Additionally, we will cover community sentiments and analyst predictions.
Table of Contents
News and Events
Over $15 Billion in Bitcoin Futures Expires
Bitcoin defied expectations by staying above $69,000 even after the largest-ever quarterly Bitcoin futures options expiry. This event involved $15.1 billion in contracts, with $9.53 billion worth of Bitcoin options expiring. Analysts predicted a bigger price swing, but the impact was minimal.
Cathie Wood’s Bitcoin ETF Sees Record Daily Inflow
The ARK 21Shares Bitcoin ETF shattered its daily investment record on Wednesday, bringing in a whopping $201.8 million. This surge is nearly five times the ETF’s usual daily average, even though Bitcoin itself fell short of hitting $72,000.
Bitcoin Halving Approaching in Under a Month
With the event just around the corner, Bitcoin is hovering near its record peak. This time feels distinct, thanks to a surge in institutional investment via Bitcoin ETFs. This halving could rewrite the rulebook compared to previous ones.
Experts Forecast
Technical indicators on the Bitcoin dominance chart are sparking debate among crypto traders. An ascending triangle pattern suggests a possible rise in Bitcoin’s market share, but some analysts believe the opposite is true.
“The BTC dominance train is about to leave the station,” declared Benjamin Cowen, founder of Into The Cryptoverse, to his large online following. This sentiment reflects the potential for Bitcoin to recapture market share based on the ascending triangle forming on the dominance chart.
However, not everyone is convinced. Skew, a popular crypto trader, expressed concern about potential manipulation in the market. They pointed to suspicious order book activity on Binance, suggesting some price movements could be deceptive.
Another key question is where Bitcoin’s price might head if it breaks through resistance. Daan Crypto Trades, another analyst, believes a successful breakout could push prices toward $80,000. Their analysis highlights trendline support on the 4-hour timeframe, suggesting potential buying pressure if current levels hold.
On-chain data analysis adds another layer to the discussion. Ki Young Ju, CEO of CryptoQuant, a platform specializing in on-chain analytics, observed a shift in ownership among major Bitcoin holders, commonly referred to as “whales.”
According to Ju, large, long-term investors are selling their holdings while new whales are accumulating Bitcoin.
Current Outlook
Bitcoin took a tumble in mid-March, dropping 12.55% to $60,775 by March 15. This correction came after a previous high of $69,500 on March 9. However, since March 20, Bitcoin has shown signs of recovery.
The price has closed higher in six of the last nine trading days, clawing its way back up.
This recent bullish momentum coincides with the upcoming Bitcoin halving, an event programmed to cut new coin production in half and estimated to occur in 22 days.
Historically, these halvings have been followed by significant price hikes for Bitcoin. Furthermore, Bitcoin’s 17.6% drop falls within the typical pre-halving retracement range, suggesting the price may have bottomed out.
Despite the positive signs, caution is still advised. If Bitcoin closes below $69,000 in the coming days, it could trigger a retest of the $61,000 support level. A break below this point could signal a more substantial price correction. In the lead-up to the halving, all eyes will be on Bitcoin’s price action, with investors hoping for the current bullish trend to continue.
On the Flipside
- On-chain data suggests major Bitcoin holders are offloading their holdings, potentially indicating a lack of confidence in the short-term future.
- Past halving events don’t necessarily guarantee future price hikes. The market might react differently this time.
- The recent price drop might not be the bottom, and a further correction could occur if key support levels are broken.
Why This Matters
Bitcoin’s resurgence after a correction, coupled with the upcoming halving and rising institutional investment, creates a tense wait-and-see situation for the crypto market. While some analysts predict dominance for Bitcoin, others warn of potential manipulation. This period could rewrite the rules for Bitcoin’s price history.
To learn more about the record amount of money in Bitcoin derivatives contracts in anticipation of the upcoming halving, read here:
$15 Billion Bitcoin Derivatives Bet on Post-Halving Price Surge
To learn more about the recent movement of large amounts of Bitcoin and the debate around it, read here:
