Bearish Flip in Crypto Crowd Sentiments Signals Inevitable Bitcoin Price Reversal
Crypto whales have continued to defend Bitcoin’s support level around $61K ahead of the fourth halving over the weekend.
Crypto whales have continued to defend Bitcoin’s support level around $61K ahead of the fourth halving over the weekend.
A Bybit report suggests that the Bitcoin supply will be 2x scarce than gold after halving. With strong ETF demand, the Bitcoin reserves on centralized exchanges would last for nine months only.
Blockware Solutions analyst Mitchell Askew believes the upcoming Bitcoin halving event will turn out to be a buy-the-news event.
Bitcoin price recovered quickly after a dip to $61,500 following Fed Chairman Jerome Powell’s comments about keeping interest rates unchanged.
GBTC’s decline coincides with a recent downturn in the crypto market, resulting in Bitcoin price falling drastically.
According to Scaramucci, Bitcoin’s level of adoption must increase considerably before it is considered a store of value and inflation hedge.
Bitcoin price has struggled to rally beyond $72K despite its dominance against altcoins rallying further against all odds.
GBTC, the largest Bitcoin trust globally, continues to face outflows, with $110.1 million exiting the fund on April 15, a decrease from $166.2 million on April 14.
Franlin Templeton Digital Assets noted that the launch of the Runes protocol will come with several improvements while eliminating any junk UTXOs.
Bitcoin price surged to $67,000 during Asian trading hours, following the approval of spot Bitcoin ETFs in Hong Kong. However, this euphoria was short-lived as rising US Treasury yields impacted market sentiment, pushing BTC back to $62,500.