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In addition to selling pressures, Bitcoin market disinterest is currently persisting, and a likely decline in price over the next couple of weeks would be an ideally typical post-halving behaviour. Bitcoin slid lower into the Wall Street open on April 26, as the market maintained familiar trading conditions.
The most famous cryptocurrency is trading at $63793 at the time of writing, down -1.07%. The price of bitcoin is fully circling back to the daily close after reaching highs of $65,300. Even in the face of troubling macroeconomic data and dismal performance of Bitcoin exchange-traded funds (ETFs), a resolute trading range continued to exert control over the market. The day before, net outflows from ETFs exceeded $200 million, putting an end to a positive start to the week.
Amidst a gloomy sentiment in the cryptocurrency space, some market players hypothesized that a general trend in Bitcoin prices might not materialize for an extended length of time. For long-overdue gains, altcoins would diverge dramatically. After reaching a peak of 57% on April 13, Bitcoin’s share of the total cryptocurrency market capitalization decreased to approximately 55% on April 26. Observers set a two-week deadline for any additional notable declines.
Post-Halving Danger Zone
Bitcoin is seriously close to the Range Low and has entered the “Post-Halving Danger Zone.” Should there be any more downward volatility below the Range Low, it is likely to happen in the next two weeks. Based on past performance, the price of Bitcoin may correct for an additional 15 days, with a potential for downward volatility at the $60600 Range Low.
The biggest cryptocurrency in the world, Bitcoin, experienced selling pressure earlier this week and dropped below $65,000 as business activity and GDP growth in the US slowed. The current value of Bitcoin (BTC) is $64,256, and its market capitalization is $1,265 trillion as of the time of publication.
Price During Post-Halving Danger Zone
Since 2016, historical trends have indicated a notable downward wick of about -11% that happened about 21 days following the Halving, followed by an upward reversal. Six days after the half of Bitcoin, there is talk of potential negative volatility near the Re-Accumulation Range Low. Rekt Capital labels the next 15 days as the “Danger Zone,” a period of time during which downside volatility could materialize if past trends hold true. Based on historical data, there is still a chance of downward volatility near the $60600 Range Low in the interim, even though this period ends in 15 days.
The resistance level at $65,600 continues to be rejected by Bitcoin, making it impossible for it to establish itself as support. The price of Bitcoin has been steadily declining over the past few weeks, approaching the $60,600 mark.
