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The market’s top cryptocurrency by value, Bitcoin (BTC), managed to reclaim the $70,000 level in the early hours today and rose to $70,230. There had been speculation in past years that the halving event planned for April could accelerate the momentum for the leading cryptocurrency. So, will the halving event that investors are eagerly awaiting meet expectations for Bitcoin?
Bitcoin’s Struggle at the $70,000 Threshold
In the last 24 hours, it has seen a 2.4% increase, currently trading just below the stated level. However, it may be useful to note that $70,000 has been a tough resistance level that bulls have repeatedly failed to break. At the time of writing, the leading cryptocurrency has lost some of its gains and is trading at $69,704. Popular crypto analyst Ali Martinez indicated on social media platform X that Bitcoin is showing a sell signal on the four-hour chart with the strong technical indicator TD Sequential. The analyst predicted a “one to four candlestick correction” for the leading cryptocurrency.
Critical Metrics for Bitcoin
Bitcoin failed to rise above the $70,000 level on April 1st, which led to a sharp correction to the $65,000 level soon after. However, Bitcoin managed to recover relatively quickly from this drop. According to the Fear and Greed Index, which measures Bitcoin sentiment on a daily basis, the largest cryptocurrency once again succumbed to “extreme greed.”
Experts believe this could indicate that the market is heading towards a price “bubble” after a short-term correction. The cryptocurrency bulls’ latest attempt to break the $70,000 resistance level happened just before the much-anticipated halving event. With only 11 days left to the expected event, many are anticipating heightened excitement in the market due to increased mainstream media interest.
