Altcoins
Bitcoin (BTC) price enters recovery mode, has the bottom been reached?
The price of Bitcoin (BTC) suffered one of its most drastic declines in the past month this weekend, drawing particular attention as the halving approaches. In about an hour, the coin plunged from $68,000 to below $62,000, triggering millions of liquidations and thousands of traders affected.
Bitcoin and Altcoins find their balance, where is the ground?
At the time of writing, Bitcoin price is set at $64,029.65, down 5.32% in the last 24 hours. Despite the persistence bearish outlookthe price represents a major improvement from the 24-hour low of $60,919.11 recorded on April 14.
The coin has been facing huge volatility as seen in the daily chart. Based on price action, the coin could have reached a low of $60,900 during the ongoing bearish onslaught. There is no certainty when the coin will experience a significant breakout from its current consolidation trend. In the recovery attempt, the price of $65,000 remains the most important resistance to breakout.
Industry leaders like Mike Novogratz are optimistic about the coin’s ability to reach new highs in the near term. This confidence may strengthen the resolve of traders and Bitcoin HODLers like MicroStrategy Incorporated who have noted their intention to maintain confidence by not selling.
Altcoins have also seen a massive fall with signs of recovery quite distant. Ethereum (ETH) is down 6.9% at $3,055, and Solana (SOL), struggling congestion problems, lost more than 9.7% to $136.63. Other top altcoins like Binance Coin (BNB), Cardano (ADA), and XRP also lost 7.92%, 10.56%, and 11.79% to trade at $546.63, 0, $4535 and $0.4822.
It should be noted that the recovery of these altcoins depends on the price action of Bitcoin.
Top Bitcoin Growth Catalysts to Watch
According to Coingape Bitcoin halved tracker, the major BTC event will take place in approximately 5 days and 13 hours. This event will worsen the deflationary status of Bitcoin, as the reward for miners will be cut in half. Notably, around 450 BTC will now be released in a day, a number that may not match current demand.
With the halving and Spot Bitcoin ETF acquisition by issuers, a supply crisis is imminent. If this is the case, the price of Bitcoin will be in an advantageous position, which will help it erase its lost valuation.