Bitcoin Struggles at $70k One Week from Halving
Bitcoin halving is happening in just seven days, and from then on out, Bitcoin (BTC) miners will receive half of their current coins from mining.
The BTC price is expected to increase ahead of halving, as new bitcoins will become scarcer. We should be seeing Bitcoin surge right now, but that is not the case. Instead, the token is having a tough time getting above $70,000 and staying there.
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Bitcoin is priced at $70,857 (BTC/USD) a coin right now, up 1.07% from yesterday. On Thursday, the coin had dipped below $70k, and we may see it continue to struggle at that resistance level for a while longer.
If that happens, there might not be much of an upward surge at halving. That would be catastrophic for major investors who have staked heavily in Bitcoin going bullish leading up to its halving. It is not just whales and private traders who have put their cash into Bitcoin hoping for a major break this month. Investment firms are banking on Bitcoin as well, like MicroStrategy, which holds over $12 billion in Bitcoin.
No one else even comes close, but Galaxy Digital Holdings has more than $1 billion invested in Bitcoin. Tesla and Elon Musk himself have major Bitcoin investments too. If Bitcoin does not perform by the time its halves, that could be catastrophic for a number of companies and could strike a major blow against the cryptocurrency market.
Bitcoin’s Recent Performance
Bitcoin recently surged above $70,000 and managed to climb as high as $72,200 earlier this week. Since then, it has stayed right around the $70k mark, though, and we may continue to see it hang there. Recent US inflation data could hold Bitcoin back from performing according to expectations and make traders feel timid and hesitant to invest heavily.
Bitcoin’s trade volume is down right now, dropping 21% from the previous day at a time when it should be ramping up. There is still time before its halving for Bitcoin to come out of its sluggish trend, but the market will undergo a crisis of faith in the coin up until that happens.
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