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Bitcoin price clinches above $7500 after breaking out a key resistance level on April 23, which is being viewed as a ‘perfect storm’ before BTC halving.
Bitcoin price broke a key resistance level at around $7000 after the bulls suddenly took over the game on April 23. A day later, its price had added 6.11% to trade at $7,529.89 at the time of writing. It was a moment of joy to the crypto community that was anticipating for BTC price to rally high as the Bitcoin halving event is getting closer.
The asset has been performing exemplary well in comparison to most traditional markets that have been pulled down by the coronavirus pandemic. History seems to be repeating itself at a time when we are experiencing one of the world’s devastating pandemic.
Bitcoin price in the past halving events began rising a few weeks before the date, only for the rally to be sustained in the following months and to set a new all-time high. Most analysts and experts are anticipating the price to rally way beyond the 2017 peak at $20 K and set a new record.
The asset is carrying with it in the rally most altcoins led by ETH and also XRP. Since the last selloff that saw the asset trade below $5,000 in March, its market cap has regained to above $138 billion. The 24-hour trade volume stands at $43 billion, lower than yesterday’s $43.5 billion.
Bitcoin Price Thrill before BTC Halving
Bitcoin has stirred up a lot of attention both in the retail traders and also from the institutional investors, who are searching for greener places to invest. Hedge fund managers are turning to Bitcoin contract futures, as seen from the Renaissance recently, hence assuring investors a stable market ahead, in a space marred by speculative trading.
The rise comes at a time when most miners are accumulating coins in their wallets, holding them to wait for better prices to return profits. Bitcoin miners comprise a significant number of the Bitcoin community with high sell pressure daily.
Putting into perspective there are 1,800 BTC mined daily at the current reward, 12.5 coins/ 10 mins. With such a significant number of coins not sold, the market supply drops with the rising demand from both retail markets and from institutions.
If the bulls can stand the selling pressure from the bears, the breakout will be enormous, with some anticipating it may reach $300K. However, with the level of uncertainty caused by the ongoing coronavirus crisis, anything is possible. Remember we have witnessed a negative trade in the crude oil price in our lifetime, a thing which was not comprehensible a few months ago.