Bitcoin Erases Early April Decline Ahead of Halving Event

On April 4, Bitcoin saw daily gains above $4,000 as traders anticipated upcoming short liquidations. Bitcoin surprised market watchers by rising about 5% from the day’s low. They saw bulls correcting a chart inefficiency following recent declines.

Early April saw a dip in Bitcoin prices, but on Thursday it recovered above $69,000 as the network’s much-anticipated halving event is scheduled to occur in a few weeks.

Over the past 24 hours, the price of Bitcoin has increased by 5% to $69,139, reversing a three-day pattern that saw the top cryptocurrency (by market capitalization) fall below $70,000, almost reach $65,000 on Tuesday, and then rise on Thursday.

The quadrennial network event known as the “Bitcoin halving” halves the amount of BTC that miners are rewarded with when they successfully create a new block. It is usually linked to an increase in the asset’s price and is intended to restrain inflation by slowing the expansion of the circulating supply.

Ahead of the impending halving, which is presently scheduled for April 20, the price of Bitcoin surged to a record high of $73,737 in March. It continued to rise throughout the month, making many jumps. The previous all-time high for bitcoin was reached in November 2021, about at $69,000.