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Bitcoin price had declined following the approval of a spot Bitcoin ETF last month but later recovered, giving market participants a sigh of relief. After surpassing $53,000, BTC experienced a pullback and fell back to the $50,000 level. So, what is happening today despite the price being at $51,000?
Bitcoin Price and Developments
Following the recent historical peak of $53,033 for Bitcoin, there was a price pullback. In the ensuing period, for the first time in over a month, there is a possibility that a weekly candlestick might close negatively.
With the active re-entry of individual investors into the market, Bitcoin’s price saw a sharp movement over a four-week period, paving the way for a surge above $53,000.
BTC recovered from its periodic low of $38,505 on January 23 and rose to $53,033 by February 20. This rally resulted in a 38% increase in value for BTC, moving it above the psychological level of $50,000.
According to many analysts, this situation occurred following the recent approval of spot Bitcoin ETFs by the US Securities and Exchange Commission (SEC).
Another group of analysts suggests that the situation is not limited to the ETF approval, indicating that the upcoming Bitcoin halving also played a significant role in the recent Bitcoin rally.
The Impact of Bitcoin Halving Expectations on Price
According to reports, the strategist team at JP Morgan is of the opinion that the current Bitcoin price already reflects the impact of the upcoming Bitcoin halving.
However, Fiona Cincotta, a senior financial markets analyst at City Index Ltd, believes that the current price pullback is due to investors taking profits.
Cincotta suggests that after four weeks of impressive performance, Bitcoin bulls may have paused to gather strength, potentially leading to a continuation of the rally, particularly with the expected Bitcoin halving in April that could affect the entire sector.
Looking more closely at Bitcoin’s price, after a slight recovery from yesterday’s low of $50,519, the price found buyers at $51,109 at the time of writing.
