Bitcoin key support reveals potential uptrend continuation
With just hours to go before the Bitcoin Halving, the price action made a slight recovery by bouncing off the $63,000 level, followed by a series of speculations about the next direction of the price action.
Among bullish analysts it was made clear that the price action touched a key Bitcoin support that reveals a potential uptrend continuation, what is certain is that the days following the Halving will clear the doubts and uncertainty around the price after the Iran-Israel conflict broke out.
According to CryptoQuant data, traders have returned to breakeven in exchange holdings at USD 60,000. "Bitcoin selling pressure from traders may be easing, as unrealized profit margins are basically zero now."
It has been indicated that, "So far, there has only been a brief dip below USD 60,000 since the BTC/USD pair started to pull back from its all-time highs in March", from my perspective only political developments and war conflict between Iran and Israel could trigger a drop below $60,000
On the other hand it has been inferred that, "Such pullbacks are classic when all-time highs are broken, and the surprising new high that occurred before the halving of the block grant", "However, in terms of timing, this is still one of the shortest pullbacks in this cycle (currently only lasts 10 days)"
SOURCES CONSULTED
Cointelegraph. BTC price bounces at support that fueled 2023 bull market. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
I am really expecting bitcoin price to drop massively after the bitcoin halving but well let's see how it plays out. I am really quite optimistic about the future about this I must confess.