Breaking News: Bitcoin Facing Volatility Ahead of Halving Event ๐
On Monday, the worldโs largest cryptocurrency Bitcoin made a significant move to $7,000 in anticipation of a new all-time high post the Bitcoin halving event. Interestingly, on the flip side, the Bitcoin inflows trended negative with outflows to the tune of $300 million.
Bitcoin Outflows Turn Negative ๐
After receiving $485 million of inflows during the last week, the Bitcoin outflows have turned negative again. On Monday, April 9, the total outflow from the newly launched Bitfinex was $3 million, as per data from Faid Invest.
- The Grayscale Bitcoin Trust was the major inflow player with inflows surpassing $300 million.
- Inflows have also declined notably with BITB recording the most at $40 million.
Halving and BTC Price Moving Forward ๐
With the halving event just one day away, Bitcoinโs price is on the verge of surpassing the previous all-time high, set only a week ago. Thereโs speculation about the need for a post-halving market value of $80,000 to maintain mining profitability. Some analysts predict a price jump post halving.
- Currently, BTC is trading at $7,640 with a market cap of over $140 billion.
- If Bitcoin manages to sustain this level, it could trigger the next rally towards $85,000, as per analysts.
#Bitcoin appears to be breaking out! If $BTC can hold above $70,800, the next target becomes $85,000! pic.twitter.com/JPLf8KZvt
— Ali (@ali_hat) April 8, 2021
Bitcoin (BTC) has shown significant price volatility of late, with the $70,000 mark holding capital gains, as per the latest analysis from the Bitfinex Alpha team. Both short-term (STH) and long-term holders (LTH) are evaluating their holdings as the upcoming halving event approaches.
โBitcoin is currently experiencing a consolidation phase, moving midway between $65,000 (low end) and $70,000 (high end). This movement indicates that the market is beginning to stabilize, even as prices fluctuate,โ the report stated.
Hot Take: Brace Yourself for Bitcoinโs Halving Impact! ๐
In the coming days, keep a close eye on how Bitcoin performs post the halving event. Stay tuned for more updates on the cryptocurrencyโs price movements and market trends. Stay informed and make well-informed decisions to leverage potential opportunities in the dynamic crypto landscape. Happy trading! ๐
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