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Bitcoin (BTC) Nears New All-Time High as Halving Event Looms, Coinbase (COIN) Benefits - Faicy

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Bitcoin (BTC) Nears New All-Time High as Halving Event Looms, Coinbase (COIN) Benefits

Bitcoin (BTC) Nears New All-Time High as Halving Event Looms, Coinbase (COIN) Benefits



Bitcoin (BTC), Coinbase (COIN) – Prices, Charts, and Analysis:Bitcoin is set to print a new all-time high, possibly this week.Bitcoin halving event expected on April 19th.Coinbase is benefitting from a buoyant cryptocurrency market.See our brand new Q2 Technical and Fundamental Bitcoin Report

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Bitcoin is back above $70k and is within touching distance of posting a new all-time high as buyers become increasingly active ahead of the upcoming halving event. The recent, short-term, sell-off has now been fully retraced with today’s move taking Bitcoin back above a cluster of recent highs between $71.2k and $71.8k. There is little in the way of technical resistance before BTC/USD enters unchartered territory.The driver of Bitcoin’s robust rally over the last few months has been heavy institutional buying after eleven spot Bitcoin ETFs were approved in early January. In the first quarter of 2024, these eleven ETFs bought a net $12.1 billion worth of Bitcoin – $26.8 billion inflows vs. $14.7 billion outflows.Investopedia/BitMEX ResearchThis heavy demand will soon run into a supply shock as the number of new Bitcoins mined will be reduced by 50% at the new halving event. These halving events occur every four years when the reward for mining a new block gets reduced from 6.25 BTC to 3.125 BTC per block. Bitcoin halving will continue every 210,000 blocks until all 21 million coins have been mined, predicted in 2040.Via IG.ComBitcoin Halving EventBitcoin (BTC) Daily Price ChartCoinbase (COIN), the largest cryptocurrency exchange in the US, is one company that benefits from renewed activity in the cryptocurrency space. Despite being involved in an ongoing lawsuit with the US Securities and Exchange Commission (SEC), Coinbase has seen its share price more than double since early February. The weekly chart shows Coinbase tested and rejected the 61.8% Fibonacci retracement level at $277 in late March and this level could soon come under pressure again unless the SEC case stymies further progress. Above here the 78.6% retracement level at $344 comes into view.Coinbase (COIN) Weekly Price ChartAll Charts via TradingViewIf you are interested in cryptocurrencies, we have a free trading guide available to download

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What is your view on Bitcoin or Coinbase – bullish or bearish?? You can let us know via the form at the end of this piece or contact the author via Twitter @nickcawley1.
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