Bitcoin has achieved its highest daily close in over 10 days, reaching the $65,000 level. On April 21, the price of BTC rose from a low of $64,346 and climbed 3.5% to a high of $66,527 on April 22. Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin is currently trading at $65,910, representing a 1.7% increase over the past 24 hours.
This surge in Bitcoin’s price comes following the recent Bitcoin supply halving, which occurred two days ago. The halving reduced miner rewards from 6.25 BTC per block to 3.125 BTC. Some market participants are now speculating whether Bitcoin will continue its upward trend post-halving.
One factor that could drive BTC’s price up in the coming months is the open interest funding rate. Data from Coinglass reveals that the funding rate for Bitcoin’s open interest flipped negative on April 18 and April 21, but has since returned to the positive region. This indicates a growing appetite for long positions. This shift in market sentiment often follows significant price movements, such as the 5% increase in Bitcoin’s price between April 20 and April 22.
The recent drop in Bitcoin’s open interest below 0% is reminiscent of a similar situation observed in October 2023, as noted by crypto analyst Tedtalksmacro. If history repeats itself, BTC could lead the broader market in a sustained rebound.
Bitcoin’s price has also found strength above the $60,000 mark. Independent trader Skew described the weekly close above $65,000 as positive, and the zone between $65,000 and $66,000 as a strong support level for Bitcoin. IntoTheBlock’s In/Out of the Money Around (IOMAP) model further supports this, showing that BTC has strong support on the downside compared to resistance on its recovery path.
Crypto analyst Rekt Capital believes that Bitcoin has established strength above $60,000. They predict that Bitcoin will likely accumulate between the $60,000 low and $70,000 high for a few months before entering a “post-halving parabolic upside.”
With the fourth halving now complete, traders are focusing on Bitcoin’s post-halving upside. According to pseudonymous trader Moustache, the next significant target for BTC price is the $80,000 mark. They have been tracking this target since 2022. From a technical perspective, Bitcoin’s price action has formed a bull flag on the weekly chart, suggesting that the uptrend will continue.
BTC bulls may face resistance at the upper boundary of the flag at $67,500. However, if there is a weekly candlestick close above this level, it could signal a breakout and pave the way for the $73,835 all-time high and eventually the $80,000 mark.
Please note that this article does not provide investment advice or recommendations. Readers should conduct their own research and make informed decisions when it comes to investments and trading.