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Bitcoin‘s (BTC) price is trading above the $70,000 level, and some are warning of a potential market-wide pullback if the largest cryptocurrency loses its $69,000 support in the coming days. While the largest cryptocurrency remains relatively quiet, the Bitcoin fork, Bitcoin Cash’s main network asset BCH, has attracted attention with an over 15% rise in the last 24 hours ahead of the planned block reward halving on April 4th.
Bitcoin’s Quiet Week Concerns Investors
As Bitcoin approaches the end of a volatile week, it has remained relatively stable in the last 24 hours, retreating after briefly surpassing $71,000 and hovering around $70,000. The expiration of large option contracts on March 29th has led to expectations of sharp short-term price movements in Bitcoin, putting investors in a state of anxious anticipation.
Despite Bitcoin’s stable price trend, most major altcoins have faced slight losses in the last 24 hours. Solana’s SOL, Ripple‘s XRP, and BNB Chain’s BNB have fallen by up to 2%, while Internet Computer’s ICP has dropped by 6%. Investors are particularly focused on Bitcoin’s ability to maintain its level above $69,000, which will signal whether the current uptrend will continue or a new pullback will begin.
According to Alex Kuptsikevich, a senior market analyst at FxPro, a price drop below $70,000 could be triggered by a combination of profit-taking by bulls and a general decrease in risk appetite in global markets.
BCH Rises Ahead of Block Reward Halving
In contrast to Bitcoin’s quietness, Bitcoin Cash has seen a 15% increase ahead of the expected block reward halving on April 4th. This event will reduce the reward amount given to miners per block from 6.25 to 3.125 BCH, leading to a slowdown in the creation of new coins and potentially reducing the availability of the altcoin.
The increase in open interest in Bitcoin Cash futures contracts indicates growing investor interest in the altcoin and leveraged positions being taken in anticipation of the expected price volatility surrounding the block reward halving. Historically, block reward halvings for Bitcoin and other cryptocurrencies have preceded bullish trends, with strong rallies following the halvings.
