Bitcoin experiences significant price drop after halving — Key insights into Bitcoin for this week

Bitcoin (BTC) is starting the first week of its new halving epoch with strong momentum, as bulls push the price closer to $70,000. Despite a week of volatility and a drop to six-week lows, Bitcoin is showing signs of resilience. Analysts are considering various factors that could impact the price, including the effects of halving, geopolitical and macroeconomic conditions, and liquidity in the market. Traders are closely watching the order book setup and the liquidity levels to determine the direction of the market. While Bitcoin has seen a push beyond $66,000, there is a significant block of ask liquidity that could prevent further upside. The latest order book data shows that Bitcoin is eating through some of the liquidity, but it is still a major focus for traders. The market is also anticipating the release of U.S. macroeconomic data, including GDP and jobless claims, which could impact Bitcoin’s price. Additionally, Bitcoin’s transaction fees have been a topic of discussion, with fees reaching record highs after the halving. Overall, the market sentiment is shifting from fear to greed, indicating a more positive outlook for Bitcoin.