Bitcoin reacts as IMF endorses BTC in published report two days to halving

• IMF has published a report on the intensity and widespread nature of BTC transactions.
• BTC halving is out barely three days, with CNN calling the event the ‘World Cup of Bitcoin’
• Bitcoin price has closed above the $60,000 threshold for 49 days in a row as bulls defend against further downside.  
• BTC collected some liquidity below $60k, but not all, increasing likelihood that we see another leg down to $57,000 to $59,000.

Bitcoin (BTC) price has traders on the edge of their seats as it rises after a show of weakness. The see-saw continues to whiplash longs and shorts as the countdown to the halving continues. Meanwhile the IMF has published a report about BTC. 

Also Read: Why crypto may see a recovery right before or shortly after Bitcoin halving

Daily digest market movers: IMF endorses Bitcoin in a published report two days to halving

Bitcoin price continues to defend against further downside as the markets watch the clock for the BTC halving, which is expected on April 20. Reports show that the number of “halving” searchers has increased to an all-time high.

It comes as the countdown climaxes, out less than 36 hours with only 199 blocks remaining, according to data on CoinGecko.  Amid the hype, with traders expecting that this event will kickstart the next bull cycle, CNN says the “halving is the World Cup of Bitcoin.”

Elsewhere, the International Monetary Fund (IMF) has published its Global Financial Stability Report detailing how Bitcoin is widespread and its transactions are intense. The report also indicated that BTC disrupts the world order, enabling sovereignty amid sanctions, adding that it demands regulatory action.

An excerpt in the report highlights:

Strengthening macroeconomic policies is necessary to fend off cryptoization risks.

Key subjects in the report include:

• Bitcoin as a means to avoid sanctions
• The fragmentation of the old payments and banking infrastructure
• A global call to action for the regulation and control of assets such as Bitcoin to help prevent further systemic degradation

At the same time, data shows that effective selling pressure on Bitcoin from traders is reducing as unrealized profit margins drop to zero.

With this, there is a significant chance Bitcoin price will bounce above $60,000 for some relief.

Technical analysis: Bitcoin price could produce another bounce

Bitcoin price has closed above the $60,000 threshold for 49 days in a row, suggesting the bulls are defending this base. With selling pressure reducing, the pioneer cryptocurrency could be primed for a bullish move. The 4-hour timeframe shows a bullish divergence on the Relative Strength Index (RSI), which is recording higher lows while BTC price records lower lows. This is a recipe for a bullish reversal as it hints that the downtrend is losing momentum and a potential reversal to the upside may be imminent.

The Awesome Oscillator (AO) is also showing green histograms that are edging toward positive territory. Moreover, the Moving Average Convergence Divergence (MACD) has flipped above the orange band of its signal line, hinting at a bullish cycle in the works.

If the move north sustains, two levels will be of interest. A close above $67,818 and ultimately $71,345 would set the tone for an extension that could see Bitcoin price record a new all-time high.

BTC/USDT 4-hour chart

On the other hand, the area between $57,000 and $59,005 is critical because of the liquidity that remains uncollected from the March 5 low of $59,005. As such, there is also a chance we could see a drop into this range before a decisive move to the upside.