Bitcoin Price: 5 Reasons BTC Price Is Rising Today

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BTC Halving Changes Altcoins Outlook, Ethereum, Solana On The Move – Crypto News

Published

1 year ago

April 19, 2024

Dripp

Bitcoin price update: After taking investors on a rollercoaster for the last two weeks, the crypto market started to move up on Friday, hours before Bitcoin halving. Investors who had been anxiously waiting for the green light rallied behind BTC price and also the altcoins, most of which are witnessing modest gains.

Ethereum, the second-largest cryptocurrency network, is up 1.6% in the last 24 hours and trading at $3,105. Similarly, Solana moved in tandem with the rest of the market, with its value rising by 6.5% to $145.

Solana plummeted to $120 last weekend as geopolitical tensions ravaged through the market, leaving behind liquidations in billions of dollars and investors counting losses.

The cumulative market cap has gone up by a staggering 5.4% to $2.47 trillion in just a day, underscoring the bullish outlook in the wider market. Select altcoins moved in double-digits like Toncoin’s 17% surge to $7.20 and Internet Computer’s 11% increase to $13.

Bitcoin price Update: Is The BTC’s Sudden Move Topping $65,000 Sustainable?

As Bitcoin halving approaches, the buzz in the market catches momentum, encouraging investors to bet on further movement toward the $70,000. From a 24-hour low of $59,651, Bitcoin price sits above $65,000 toward the end of the European session on Friday.

A sizeable 15% bump in the volume upholds the improving sentiment and rising interest among traders. Another 5% surge in the market cap to $1.28 solidifies BTC’s position as the leading cryptocurrency.

Based on the Relative Strength Index (RSI) applied to the four-hour chart, the ongoing movement seeking higher support above $65,000 could be sustainable in the short term, especially if the hype around the halving continues.

Bitcoin price update chart | Tradingview

Meanwhile, the 50-day Exponential Moving Average (EMA) is in line to prevent BTC from correcting significantly below $65,000. However, it is wise to prepare for a short-lived sweep for fresh liquidity at the black ascending trend line.

A daily close above $65,000 would signal another confirmation of the uptrend eyeing $70,000 post-halving. The red band on the chart represents potential selling pressure and may delay the rally.

Bitcoin ETF Net Outflow Volume Shrinks

Rising net outflows in the Bitcoin ETF have been putting pressure on the price and the market, adding to the uncertainty due to the tensions in West Asia. Iran for the first time in history directly attacked Israel, sending over 300 ballistic missiles in its airspace.

If the war in West Asia escalates due to Israel’s potential retaliation to Iran’s attack, the global risk asset markets including crypto could suffer even more.

However, SoSoValue shows that the total daily net outflow volume in the ETF market declined to only $4.39 million on Thursday. Grayscale is still posting the highest outflow volumes, with $89.99 million withdrawn from GBTC ETF on April 18.

There has also been a shift in the best-performing ETFs, with Fidelity leading the net inflow with $37 million and BlackRock coming second with $18.76 million.

The Bitcoin price rally in Q1 to a new ATH of $73,737 as seen on CoinGecko was mainly fuelled by growing demand for the ETF.

Experts say that demand for the ETF coupled with the impact of Bitcoin halving on the supply of the scarce digital asset would be the ingredients like to make the next bull run. Bitcoin price is expected to peak above $100,000 by the end of 2024.