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9 months ago
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ARTICLE AD BOX
The post Bitcoin Price Rebound: Halving Hype or Institutional Influence? appeared first on Coinpedia Fintech News
Bitcoin’s (BTC) price has shown early signs of recovering the crucial support level above $67,000 following Tuesday’s rebound. According to the latest market data, Bitcoin price edged 2 percent higher in the past 24 hours to trade around $66,300 on Tuesday during the early London session.
The flagship coin absorbed significant selling pressure from Grayscale’s GBTC, ARK 21Shares Bitcoin ETF (ARKB), and the US government.
According to spot BTC ETFs’ daily flow, GBTC and ARKB recorded an outflow of $82 million and $88 million, respectively on Monday.
Meanwhile, the United States government deposited more than $30k Bitcoins, worth around $2 billion, to Coinbase.
Midterm Bitcoin Price Prediction
The fourth Bitcoin halving is about seventeen days from happening, historically triggering the onset of the macro crypto bull run. However, Bitcoin price had already set a record high before the halving event, thus indicating a possible super-cycle ahead fueled by institutional investors.
$BTC Bulls are defending the 4h EMA200 (65.6k) & Bullish pennant also in Play. 
Bitcoin Bulls need to Reclaim the 70k Crucial Resistance to Regain the Bullish Momentum. #Crypto #Bitcoin #BTC pic.twitter.com/K20FzyO15X
According to a Bitcoin price analysis conducted by a popular crypto analyst alias Captain Faibik, the flagship coin has been forming a bullish pennant in the four-hour time frame. As a result, the crypto analyst highlighted that Bitcoin price must reclaim the support level above $70,000 to regain the bullish momentum.
#Bitcoin broke an important support level for this cycle at $69,000 from a lower top. In addition, the "3-Days Down" rule from the major ATH is still in play.
These signals suggest further sideways chop or possible downside—usually longer than the late top buyers can handle.… pic.twitter.com/vs1xUGEvws
(@jasonpizzino) April 3, 2024
A popular technical analyst, Jason Pizzino, issued a similar outlook who noted that Bitcoin price is currently catching a breather before continuing with the bullish momentum. Notably, Pizzino argued that the macro bullish continuation remains strong as long as Bitcoin’s price does not fall below $48k.
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