Bitcoin Price Swings Post-Halving, Market Sentiment Remains Bullish

On Monday, April 22, cryptocurrency markets experienced mixed results, with Bitcoin (BTC) joining most other digital assets in facing declines. Despite recently undergoing its fourth halving process, BTC dropped to $62,734, while its rival Ether (ETH) rose to $2,985. Overall, the total crypto market capitalization increased by 1.12%, with several smaller cryptocurrencies, including Polygon and Elrond, posting losses.

Bitcoin Price Fluctuates Following Halving Event, Market Exhibits Bullish Sentiment

On Monday, April 22, Bitcoin (BTC) joined a majority of cryptocurrencies in experiencing a downturn, with its value standing at $62,734 at the time of writing. Despite a 2.20 percent rise in value as per Gadgets360's crypto price tracker, Bitcoin is currently trading at $64,493 on international exchanges like Binance.

Over the weekend, Bitcoin underwent its fourth halving process, which has reduced the incentives for Bitcoin miners to add new blocks to the blockchain, consequently slowing down the creation and circulation of new BTC tokens.

"Following the fourth halving event, Bitcoin's price witnessed a surge, indicating robust buying interest at lower levels. Over the past year, BTC has soared by 137 percent. Currently, neither bulls nor bears hold sway, suggesting a potential sideways movement between $62,000 and $66,000 in the near term," commented Edul Patel, CEO of Mudrex.

Ether (ETH) also exhibited a positive trend on Monday, gaining 2.61 percent and trading at a price point of $2,985.

"Overall, the market appears bullish after the BTC halving, especially as tensions from the Iran-Israel war fade. ETH is currently below the 50 EMA D. The key resistance for ETH stands at $3,656," stated the CoinDCX team.

Other major cryptocurrencies, including Ripple, Dogecoin, Cardano, Binance Coin, Solana, and USD Coin, reflected gains alongside BTC and ETH.

Litecoin, Uniswap, Bitcoin Cash, Polkadot, Chainlink, Avalanche, Shiba Inu, and Bitcoin Cash also exhibited increases on Monday.

"Shiba Inu (SHIB) approaches a crucial juncture, nearing its 50-day EMA, a pivotal position amidst conflicting sentiments of bulls and bears. A breakthrough above the $0.00003 mark could propel SHIB further upwards," remarked Rajagopal Menon, Vice President of WazirX.

The overall crypto market cap has increased by 1.12 percent over the last day, currently sitting atop a valuation of $2.43 trillion.

Despite the overall bullish sentiment, Polygon, Elrond, and Augur emerged as cryptocurrencies that recorded losses.

Market analysts have advised caution to investors and traders in the upcoming days.

"This week could see significant volatility, probably in favor of bulls as the Hong Kong ETFs are gearing up to launch and the economic calendar is also inconsequential," said Shivam Thakral, CEO of BuyUcoin.

It is important to note that cryptocurrency is an unregulated digital currency and not a legal tender. The information provided in this article is not intended to be financial advice or a recommendation to invest.