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Bitcoin (BTC) Rallying Towards a Two-Month High Ahead of Next Week's Halving

Bitcoin (BTC) Rallying Towards a Two-Month High Ahead of Next Week's Halving

Nick Cawley, Strategist

Bitcoin (BTC) Halving with Price, News and Analysis:

  • Bitcoin (BTC) moving higher, solid uptrend providing support.
  • Halving event now seen on May 12.

A Guide to Day Trading Bitcoin and Other Cryptocurrencies

Bitcoin (BTC) Eyes Fresh Multi-Week Highs

Bitcoin’s rebound off its March lows remains impressive with the cryptocurrency up 138% in less than two months from $3,928 to a current quote of $9,295. BTC remains the most dominant cryptocurrency by a distance and accounts for 67% of the total cryptocurrency market capitalization. Analysis of the daily chart shows a strong uptrend still controlling price action and this may remain the case ahead of next week’s halving event. Rewards for Bitcoin miners – high powered computers that solve complex math’s problems and link together transaction blocks – will be cut by 50% next week to 6.25 BTC per block from 12.5.

The Bitcoin Halving Clock at Binance Academycurrently shows that the reduction of block rewards provided to Bitcoin miners will take place on May 12.

Bitcoin Price – How Will Halving, Coronavirus Affect BTC?

Analysis of the daily BTC chart shows that Bitcoin remains firmly above an upward trendline initiated off the March 13 low. Higher lows and higher highs continue to be printed, dragging all three moving averages higher. The 61.8% Fibonacci retracement of the February13/March 13 sell-off and the 200-day moving average were broken with ease on April 29, and yesterday the 20-dma moved through the 200-dma, adding to positive sentiment in the market. The multi-week high at $9,463 is near and may be tested shortly. Bitcoin’s volatility has fallen noticeably from the mid- to late-March highs but the 14-day ATR indicator still shows an average range of $429 a day. A break above $9,463 would suggest a re-test of the mid-February high at $10,506. Price action may become more volatile ahead of, and just after, the halving and any sell-off may test $8,780 and $8,415, the low of the long-legged doji made on April 30.

Bitcoin (BTC) Daily Price Chart (September 2019 – May 7, 2020)

Bitcoin (BTC) Rallying Towards a Two-Month High Ahead of Next Week's Halving

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.