Bitcoin Trapped In A Range, Will Halving Hopes Revive Bulls?

Bitcoin is firm, trading higher after the slump over the weekend. As it is, the coin is now within a range, with support at around $61,000 and resistance at all-time highs. Even though the optimism remains, a conclusive breakout in either direction may define the short-term trend. Altogether, buyers are confident, citing upcoming fundamental events as possible triggers for more upswings.

So far, Bitcoin is up 3% in the last trading day, down 6% in the past week. On the last trading day, volume is down 27% to $43.5 billion. Even with prices recovering, the failure of buyers to follow through and breach $73,800 is a dent in confidence. 

The following Bitcoin news events might influence prices in the coming days:

• Iran’s surprise attack on Israel was a cause of concern, negatively impacting the global markets. As of April 13, prices plunged across the board before recovering on Sunday. Iran decided not to continue with their military action against Israel, relieving market pressures across the board.
• Optimism is high as traders expect regulators in Hong Kong to approve spot Bitcoin ETFs. The product will complement a similar one in the United States. Experts allow the ETF to permit institutions in Southeast Asia and even those in China to find a regulated vehicle for BTC exposure.

Bitcoin Price Analysis

Bitcoin is trapped within a range, though the uptrend of Q1 2024 is still valid.

So far, and as mentioned earlier, support is around the $61,000 level. On the other hand, resistance is at $73,800—or all-time highs. 

For trend continuation above the current broad range, buyers must conclusively break above $73,800 with rising volume.

However, should bears take charge, losses below $61,000 with rising volume might force BTC/USD prices to $59,000 or lower.