Bitcoin Ranges After Halving, Awaits Market Catalyst

Despite a brief rally post-halving, Bitcoin remains rangebound, indicating diminishing positive pressure from U.S.-listed spot Bitcoin ETFs. The current sideways consolidation, as noted by analysts, aligns with historical trends following previous halving events. The absence of significant price impact from the halving and declining ETF demand have contributed to the consolidation pattern. Analysts predict continued volatility within the current range, with potential for aggressive price action if the 60,000 support or 67,500 resistance levels are breached.

Bitcoin Navigates Post-Halving Trading Range, Awaiting Market Catalyst

The cryptocurrency market remains in a state of flux, with Bitcoin (BTC), the leading digital asset, consolidating within a narrow range in the aftermath of its halving event. Over the past 24 hours, BTC has traded between $63,520 and $65,285, as investors cautiously await the next market-moving event.

Outflows from U.S.-Listed Spot Bitcoin ETFs Hinder Price Momentum

The sideways price action of Bitcoin coincides with declining demand from U.S.-listed spot Bitcoin exchange-traded funds (ETFs). Fidelity's FBTC experienced its first day of outflows on Thursday, amounting to $22.6 million, while BlackRock's IBIT has recorded consecutive days of net neutral flows, according to data from Farside.

The diminished positive pressure from ETFs has contributed to the consolidation of Bitcoin's price over the past two months. "This week's crypto market continues to drift bearish," said Rachel Lin, co-founder and CEO of SynFutures. "The bears have sold into the strong bounce back we saw earlier in the week, indicating that the much-anticipated Bitcoin halving has had no significant impact on the price action."

Analysts Observe Historical Patterns, Project Bullish Outlook

Despite the current lull in momentum, some analysts believe that Bitcoin is merely undergoing a consolidation phase before embarking on a more aggressive bull run. "The weeks after the halving will see a sideways or declining trend until BTC breaches the prior high, which currently stands at 73,600," said Lin. "Nearest support continues to remain at the 60,000 level."

Market analyst TradingShot echoed this sentiment, stating that Bitcoin's recent price action resembles historical patterns. "Bitcoin has successfully tested and held the Mayer Multiple (MM) Mean and is now consolidating," said TradingShot. "This is the point where historically the most aggressive part of the Bull Cycle begins."

基于斐波那契扩展原理，TradingShot大胆预测本周期比特币高点可能达到300,000美元。

Broader Crypto Market Developments

While Bitcoin's price action has taken center stage, the broader crypto market has witnessed a mix of developments. "We received positive news about the crypto ETF approval in Hong Kong, which will likely start trading on April 30," said Lin. "On the other hand, in the U.S., federal authorities have arrested the two co-founders of the Samourai wallet, a Bitcoin wallet service, on money laundering charges."

Macroeconomic Factors and Market Volatility

The crypto market remains susceptible to macroeconomic factors, and investors will be closely watching the release of significant U.S. economic data on Thursday and Friday. The GDP growth rate on Thursday came in below expectations, and the CPE Price Index is expected on Friday. How US equities react to these data will, in turn, impact the crypto market.

Lin anticipates Bitcoin's price action to remain volatile while ranging sideways in the near term. "Currently, 60,000 and 67,500 remain the two important levels to watch. A break of either will give us a clearer picture of what to expect next," she concluded.

Conclusion

The post-halving trading environment for Bitcoin remains uncertain, with investors awaiting a clear market catalyst. Outflows from U.S.-listed spot Bitcoin ETFs have dampened price momentum, while analysts observe historical patterns that suggest the potential for a more aggressive bull run. The broader crypto market is experiencing mixed developments, and macroeconomic factors continue to exert influence. Investors are advised to exercise caution while monitoring the situation closely.