The price of Bitcoin has been able to maintain most of its profits recently and has secured its position above the $ 5,000 mark. Bitcoin seems to treat $ 5,200 as a relative resistance level, and it is not yet clear whether crypto can collect enough buying pressure to push prices above this level in the coming week.
Although it is still unclear about what might have been the trigger for the recent surge in Bitcoin prices, one possibility is that the growing hype around the upcoming BTC halving event can be a major trigger for recent bitcoin price increases.
Crypto Thies, a popular cryptocurrency analyst on Twitter, recently shared his thoughts about current Bitcoin price action, explaining that he saw $ 5,500 as the next level of substantial resistance Bitcoin will face in the near future.
Many analysts claim that the anticipation of this event alone will be enough to trigger a rally, and Crypto Titan, a cryptocurrency analyst on Twitter, expressed this sentiment in a recent tweet, explaining that the price of Bitcoin has always recovered from the market losses that year. before the event, and then skyrocketed past the peak and reached new highs of all time after the halving event.
Bitcoin is still facing various levels of strong resistance that can stop it from breaking higher. Will this halving hype play a role in the next Bitcoin price action?
Although it is still unclear about what might have been the trigger for the recent surge in Bitcoin prices, one possibility is that the growing hype around the upcoming BTC halving event can be a major trigger for recent bitcoin price increases.
Bitcoin Is Still Stable, And Continues To Get Resistance At Resistance Levels
Bitcoin prices are currently trading at $ 5,140, up by 1% from yesterday's price. Bitcoin traded below the $ 5,200 price range, which proved to be a resistance level that is still difficult to break.Crypto Thies, a popular cryptocurrency analyst on Twitter, recently shared his thoughts about current Bitcoin price action, explaining that he saw $ 5,500 as the next level of substantial resistance Bitcoin will face in the near future.
Hype Halving Bitcoin May Become the Latest Rally Trigger
The upcoming block of Bitcoin prizes will be halved - which is expected to occur around May 2020 - historically a factor associated with the start of a large price cycle upwards (large price increases), the phenomenon of this price increase occurs due to a reduction in mining block prizes and resulting more limited circulating supply.Many analysts claim that the anticipation of this event alone will be enough to trigger a rally, and Crypto Titan, a cryptocurrency analyst on Twitter, expressed this sentiment in a recent tweet, explaining that the price of Bitcoin has always recovered from the market losses that year. before the event, and then skyrocketed past the peak and reached new highs of all time after the halving event.
Bitcoin is still facing various levels of strong resistance that can stop it from breaking higher. Will this halving hype play a role in the next Bitcoin price action?
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