Bitcoin moving up signals a possible recovery

  • April 22, 2024
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The halving event got over during the weekend, and since then, the crypto market has seen Bitcoin moving up on a steady path on the road to recovery toward $70,000.

The new week has started on a bullish note for the entire crypto market. The halving event has ended, and with it started a phase of Bitcoin moving up. Bitcoin has also shown signs of consolidation above $65,000. If it has, bulls may take it to $70,000 during this week. Once that happens, traders will anticipate the $100,000 price target soon.

Bitcoin price predictions were already optimistic prior to the halving event. Since the event’s impact has likely started, analysts could start revising price targets in their Bitcoin price targets. Moreover, in the last 24 hours, altcoins have not stayed behind. Tokens like DOT, ETH, BNB, and ADA have started going upwards.

The spot Bitcoin ETFs are also back towards attracting net inflows. Last week, inflows had decreased significantly, affecting BTC prices. The pick-up in the ETF inflows could be another reason why BTC prices have rallied.

If the BTC price range extends to $68,000, it will help BTC go over its 20-day moving average. Staying above the mark is important for Bitcoin to maintain a bullish outlook. Meanwhile, ETH’s new target may be moving to $3,500.

BTC/USD 1D price chart

Bitcoin is currently trading at around $66,100 on April 22, 2024, with BTC/USD trading higher by a margin of 1.62% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.31 trillion in the last 24 hours.

BTC/USD is trading below its 20-day EMA (67,270.98), as BTC’s 24-hour volume was at around $24 billion. The global crypto market cap increased by around 1.36%, trading above $2.43 trillion. BTC’s year-to-date returns are at 57.75%

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