The leading cryptocurrency Bitcoin (BTC) is on the verge of a major development known as halving in the last 24 hours. This event, a fundamental feature of Bitcoin‘s economic model, aims to control inflation by halving mining rewards. This will be the fourth halving, with the block reward expected to decrease from 6.25 Bitcoin to 3.125 Bitcoin.
The Effect of Halving on BTC
Following the upcoming development, BTC‘s price has been moving sideways between $73,800 and $60,000 since the beginning of March. This solid support, despite geopolitical tensions in the Middle East, could indicate a suitable opportunity for accumulation. Bitcoin is currently trading at $64,864, indicating a daily gain of 2.03%. The token’s market value is $1.275 trillion, with a 24-hour volume of $50.9 billion.
A recent report by the cryptocurrency analytics firm IntoTheBlock points to a recurring rise in Bitcoin prices following each halving event. The firm’s chart shows that this upward trend generally continues for about a year after the halving. Therefore, a potential recovery could challenge the immediate resistance levels of $61,750 and $73,800. Dogwifhat or WIF, is a meme token gaining popularity in the Solana blockchain ecosystem.
Latest on Altcoins
Bitcoin price consolidation is followed by WIF’s price resonating between $3.17 and $1.95 for over a week. This meme token is currently trading at $2.87, heading towards challenging the downward trend line at $3.173 with a daily gain of 12%. Dogfiwhat token currently stands as the 40th largest cryptocurrency with a market value of $2.89 billion, while its trading volume has risen to $724.5 million since yesterday. A potential breakout from the general trend line could signal the end of the correction trend, following which it could pursue potential targets of $4.34 and $4.85.
Meanwhile, TIA price has been under active correction along two downward trend lines since the beginning of February. The Altcoin has retreated from a peak of $21.4 to $7.28, recording a 65.6% loss. However, amid the current consolidation, Celestia’s price has risen to $10.92 and may be preparing to challenge the overall trend line at $11.5. The indicated breakout could provide an early sign of trend reversal and support buyers to move above $15 and $18.5.
