Has Bitcoin Found a New Resistance Level? Price Prediction
Bitcoin (BTC) is at $66,845 (BTC/USD) today, after gaining 2.45% over the last 24 hours. The token has fallen 2.04% over the last seven days.
Even though Bitcoin flew past $70,000 for a new all-time high recently, the coin has yet to go back above that level for 10 days now. It appears that $70,000 may be the current resistance level, and Bitcoin might not be able to move beyond there for a while.
Looking ahead at when Bitcoin may next surge, we are anticipating bullish movement around the halving to happen about April 20th. Expect Bitcoin to move past $70,000 then, but it may do so before then. The coin has found a comfortable level for now around $68,000, but it is not impossible for it to move higher in the next few weeks.
What Is Holding Bitcoin Back?
Bitcoin is suffering from a mildly active economy, where investors are filled with trepidation about what moves to make and how inflation might affect their investments. After last week’s FOMC meeting, inflation fears were reiterated, as the Federal Reserve refused to enact interest rate cuts because of the high inflation rate.
Those who have watched Bitcoin closely in recent weeks know that when inflation numbers came in, the coin dropped below the all-time high and stayed low since then. Any new information about inflation being high is likely to hurt Bitcoin and to keep it down until inflation improves.
The crypto market that was very recently bullish and healthy has been subdued. As economic reports roll in, investors are wary of trading, and they have seen the market die down. It is likely we will see subdued trading until Bitcoin halving.
At this point, we think it is unlikely Bitcoin will reach $100,000 before halving, but it could surge to $80,000 around that event. $100,000 is possible before then of the year, but $150,000 by year’s end is looking less likely.
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