Key Points
- Bitcoin (BTC) reclaimed the $65,000 level, marking its highest daily close in over ten days on April 21.
- The Bitcoin open interest funding rate indicates a rising appetite for long positions, suggesting a potential uptrend.
Bitcoin’s price rose from $64,346 to an intraday high of $66,527 on April 22, marking a 3.5% increase.
At the time of publication, the BTC price was trading at $65,910, up 1.7% over the last 24 hours.
Post-Halving Uptrend
Following the Bitcoin supply halving two days ago, the price of the cryptocurrency has risen by 5%.
This halving event saw miner rewards cut in half, from 6.25 BTC per block to 3.125 BTC, leading some to speculate on whether Bitcoin will continue its uptrend.
Data from Coinglass reveals that Bitcoin’s open interest (OI) funding rate flipped negative on April 18 and again on April 21.
However, the metric is now back in the positive region and resting at 0.0079% on April 22, indicating a rising appetite for long positions.
Bitcoin Price Strength
Last week, Bitcoin’s price action was characterized by selling at each Wall Street open.
However, independent trader Skew described the weekly close above $65,000 as “pretty good.”
Bitcoin has since climbed above this zone and now sits on relatively strong support defined by this demand area.
Crypto analyst Rekt Capital stated that Bitcoin has established strength above the $60,000 mark.
According to him, Bitcoin is likely to accumulate between the $60,000 range low and $70,000 range high for a few months in a “re-accumulation” phase before the price enters a “post-halving parabolic upside.”
Perspective on Post-Halving Upside
With the fourth Bitcoin halving now complete, market participants are considering how Bitcoin price will react afterward.
One of them, pseudonymous user Moustache, shared a chart tracking Bitcoin’s price action since it reached its previous peak in 2021.
According to Moustache, the next important target for BTC price moving forward is the $80,000 mark.
From a technical perspective, Bitcoin’s price action has painted a bull flag on the weekly chart, which hints at the continuation of the uptrend.
BTC bulls face resistance from the flag’s upper boundary at $67,500.
A weekly candlestick close above this level would signal a possible breakout from the chart formation, clearing the path to the $73,835 all-time high and later to the $80,000 mark.
Such a move would represent a 13% ascent from the current price.
