Key Points
- Bitcoin’s price continues to fluctuate around $70,000, with no clear catalyst influencing its movement.
- The upcoming Bitcoin halving event could potentially impact Bitcoin’s price volatility.
Bitcoin, the world’s largest cryptocurrency, has been trading below $70,000 for the past few days. The price experienced a slight dip of about 0.7% over the past 24 hours, resulting in a trading price of $69,700.
Market Observations
According to Justin d’Anethan, head of APAC business development of crypto market maker Keyrock, the prices are currently moving sideways. The range between $69,000 and $71,000 over the past few days indicates that investors are hesitant to breach all-time highs. However, any selling is met with healthy demand.
Lucy Hu, a senior analyst of Metalpha, suggested that the minor fluctuation in price seems to be part of a normal adjustment. She noted that there doesn’t appear to be a clear trigger for this minor fluctuation.
Bitcoin Halving and Its Possible Impact
The upcoming Bitcoin halving, expected to occur later this month, might influence the cryptocurrency’s price movements. D’Anethan mentioned that historically, halvings have been a bearish event in the few days following but then turned to mark the beginning of long enduring bull runs.
However, predicting the exact impact is challenging. D’Anethan noted that the anticipation and realization of the Bitcoin spot ETFs on American stock exchanges had opened the gates for a flurry of previously inactive investors, which could influence the price.
Hu added that based on past records, the market might experience significant volatility approaching the halving, with a strong price adjustment during and after the halving event.
