Just a few days ago, at the block height of 840,000, Bitcoin underwent the 4th halving, which reduced the miner’s rewards from 6.25 BTC to 3.125 BTC. Soon after this, the price experienced a notable rise, resulting in a breakout from a consolidation zone below $62,000 to the current level of $67,000. This rise after the halving suggests growing trading activity over the platform with a notable rise in the buying pressure. Therefore, it appears that the BTC price may soon begin with a fresh bullish spell.
With the recent surge, Bitcoin enters the post-halving re-accumulation phase, which is usually considered a bullish signal. Having said that, Bitcoin is showing huge signs of strength and growth as it began the trading day above $66,800. This recovery was extremely important as another bounce from the $60,000 levels has squashed the possibility of marking the lows below the range.
What’s next? When will the bull run begin?
The short-term trade indicates the price has reached one of the crucial zones between the 100-day & 200-day MA levels. The price has been constantly forming higher highs and lows after the rebound and is approaching the crucial resistance at $68,596.8. However, the bears are mounting enough pressure due to which, the possibility of plunging below the 200-day MA at $67,170.83.
The technicals have flipped into slightly bullish in the 4-hr chart which suggests the price may maintain a healthy upswing for some more time. Besides, the price is undergoing a v-shape recovery and hence a bullish push could lead to a rally to $70,000, only if it closes the day’s trade above the 100-day MA at $68,929.93. The RSI has reached the upper threshold and before marking the overbought levels, has triggered a bearish pullback.
On the other hand, the stochastic RSI is preparing for a pullback which suggests, that the Bitcoin (BTC) price may maintain a healthy consolidation for a while. The volume has dropped below 5K in 4-hr and hence a slight increase above 8K may trigger a breakout above the range. Therefore, the upcoming couple of days can be considered important which may determine the next course of action.
