Bitcoin Surpasses $65,000 as Post-Halving Outlook Remains Bullish

Bitcoin (BTC) surged to its highest daily close in over ten days on April 21, regaining the $65,000 level. BTC price jumped 3.5% from its low of $64,346 on April 21 to an intraday high of $66,527 on April 22. Despite a slight dip since, BTC remains up 1.7% over the past 24 hours. The positive trend post-halving and a favorable technical setup suggest potential for further upside in the coming months.

Bitcoin Regains $65,000 Threshold, Post-Halving Outlook Remains Positive

Bitcoin (BTC), the leading cryptocurrency, has reclaimed the $65,000 level, marking its highest daily close in over ten days. The upward movement, which commenced on April 21, saw BTC's price surge by 3.5% to reach an intraday high of $66,527 on April 22.

At the time of writing, BTC is trading at $65,910, indicating a 1.7% gain over the past 24 hours, as per data from Cointelegraph Markets Pro and TradingView.

Post-Halving Momentum

The latest price increase comes two days after the Bitcoin supply halving, an event that slashed miner rewards by half from 6.25 BTC per block to 3.125 BTC. This reduction in block rewards has sparked speculation among market participants regarding Bitcoin's post-halving trajectory.

Factors Driving BTC's Upward Trend

Several factors point to potential bullish momentum for BTC in the coming months:

1. Rising Open Interest and Positive Funding Rate:

Data from Coinglass shows that Bitcoin's open interest (OI) funding rate turned positive on April 22 after flipping negative on April 18 and 21. This shift suggests an increase in appetite for long positions, typically indicative of a rising price trend.

2. Similarity to October 2023 Price Action:

Coinglass user Tedtalksmacro observed that Bitcoin's recent drop in OI below 0% mirrors a similar trend witnessed in October 2023. Notably, BTC's price subsequently surged by 146% after that decline, raising expectations for a similar bullish outcome this time around.

3. Strong Support Above $60,000:

Independent trader Skew highlighted Bitcoin's weekly close above $65,000 as "pretty good," indicating a solid technical position. The $65,000-$66,000 zone has been identified as a support area, providing a strong base for further gains.

4. Re-accumulation Phase:

Crypto analyst Rekt Capital believes Bitcoin is likely to consolidate between $60,000 and $70,000 in a "re-accumulation" phase before embarking on a parabolic post-halving surge.

Post-Halving Upside Expectations

With the Bitcoin halving now complete, market participants are eagerly anticipating the cryptocurrency's future price trajectory.

Pseudonymous X user Moustache identified $80,000 as the next major target for BTC, a goal he has been tracking since 2022. From a technical perspective, Bitcoin's price action has formed a bullish flag pattern on the weekly chart, suggesting a continuation of the uptrend.

Should BTC bulls overcome the flag's upper boundary at $67,500, a potential breakout and rally towards the all-time high of $73,835 and eventually $80,000 could unfold. Such a move would represent a 13% appreciation from current levels.

Disclaimer:

It is important to note that this article does not constitute investment advice or recommendations. Cryptocurrency investments carry substantial risk, and readers should conduct thorough research before making any decisions.