finbold.com
On Thursday, Bitcoin ($BTC) experienced further declines amid ongoing pressure from higher U.S. interest rates and escalating geopolitical tensions in the Middle East.
Analysts are closely watching $BTC’s price movements as it approaches a critical moment, the Bitcoin halving which is expected to happen sometime around April 19 or 20.
Despite attempts to stabilize above the $65,000 threshold, $BTC’s price has struggled, signaling a bearish trend.
Crypto analyst Ali Martinez highlighted in an X (formerly Twitter) post on April 18, that Bitcoin had entered a consolidation phase within a defined trading channel, identifying $61,000 as a critical support level.
At the press time, $BTC is hovering around the $61,000, a level Martinez considers crucial for its next moves.
He suggests that if Bitcoin falls below this level, it could drop to $56,200. On the other hand, if cryptocurrency can rise above $62,300, it could signal a potential upswing to $66,500.
Bitcoin price analysis
After reaching a daily high of approximately $62,210, Bitcoin price today has retraced and is struggling to maintain its price above $61,000. At press time, $BTC was trading at $61,080, marking a correction of 3.49% in the last 24 hours.
Furthermore, the cryptocurrency has experienced a notable decline of 13.85% over the past week.
Essentially, Bitcoin’s climb towards $70,000 faced challenges despite the introduction of spot crypto exchange-traded funds (ETFs) in Hong Kong, offering some hope for investors affected by China’s crypto ban in 2021.
Whether these ETFs will spark a Bitcoin surge like in the U.S. is uncertain. With $BTC’s current downward trend, investors are now focused on how the upcoming halving event will impact the market.
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