Bitcoin (BTC) continues to defy expectations, with a 2.38% surge on Sunday that turned around a slight 0.44% dip the day before. This impressive comeback closed the week with a 6.19% gain, reaching a staggering $71,383. And let’s not forget the jaw-dropping performance from last month, where Bitcoin soared by 17.40% after an already impressive 42.80% jump in February. It’s safe to say that Bitcoin (BTC) is on fire, with a year-to-date increase of 67% that has investors buzzing with excitement.
The biggest event in the world of cryptocurrency – the Bitcoin Halving is approaching. With just 20 days and 20 hours left, the countdown is on and the excitement is palpable.
As the supply and demand for Bitcoin continue to shape its price, all eyes are on the upcoming halving. And no one knows this better than Nate Garci, the President of ETF Store. In a recent interview, he shared his insights on the highly anticipated event and the performance of the spot BTC ETF market in the first quarter.
“There are approx. 1.3million bitcoin left to be mined (ever)… Will take until 2040 for that to happen. Spot bitcoin ETFs have accumulated a net 200k+ bitcoin in less than 3mos. Wild.”
As the highly anticipated Bitcoin halving approaches, all eyes are on the Federal Reserve’s interest rates and the latest updates from the spot Bitcoin ETF market. Friday’s market lull left investors on edge, eagerly awaiting today’s release of the Personal Income and Outlays Report and Fed Chair Powell’s statements.
As the week began, Bitcoin (BTC) was basking in the glory of reaching the impressive $70,000 mark. But as the days went on, the excitement faded and the price stayed put, stuck in a tight range between $69,400 and $71,442. Despite efforts to push it higher, the market was met with a frustrating roadblock at the upper limit, as shown in the daily chart.
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Bitcoin is currently experiencing a minor dip, with a 1.11% decrease in value, settling at $69,481.40. But don’t let this temporary setback fool you, as the cryptocurrency could soon soar to new heights.
If the bulls take over, Bitcoin will break through its current position and face off against the formidable resistance at $71,442. And if it manages to close above this level, brace yourself for an explosive breakout from its consolidation phase.