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Bitcoin (BTC) Price Action Volatile With Halving Imminent

Bitcoin (BTC) Price Action Volatile With Halving Imminent

Nick Cawley, Strategist

Bitcoin (BTC) Price, News and Analysis:

  • Trend support holds as Bitcoin jumps and slumps.
  • Bitcoin halving is imminent.

A Guide to Day Trading Bitcoin and Other Cryptocurrencies

Bitcoin (BTC) Nears Halving Event With Wild Price Swings

Bitcoin’s made the best part of a $2,000 trading range between last Friday and Sunday as the halving event nears. The Bitcoin Halving Clock at Binance Academycurrently shows that the reduction of block rewards provided to Bitcoin miners will now take place later today (May 11). Sunday’s sharp sell-off saw BTC slump from a high of $9,560 to $8,140 in just 30 minutes before the crypto moved gradually higher. Bitcoin’s rise in value was linked to an earlier investment report by legendary hedge fund manager Paul Tudor Jones who wrote that he was looking at BTC as ‘an investible asset for the first time in two and a half years’. He added that the Tudor BVI may trade Bitcoin futures in the future with the initial exposure to BTC futures set to a ‘low single digit exposure percentage of Tudor BVI’s net assets, which seems prudent’.

This bullish impulse however was swept away over the weekend by the flash crash and Bitcoin is currently struggling to regain its recent gains. Last week we noticed how the trendline off the March 13 low was supportive for BTC and this trendline held once again on Sunday.

Bitcoin Rallying to a Two-Month High Ahead of Next Week’s Halving

Bitcoin currently is fading lower and is testing the 20-dma at $8,540. Below here the trend support is at $8,215, ahead of the 200-dma at $8,045 and 61.8% Fibonacci at $7,985. All these levels need to hold if BTC is to turn higher.

Bitcoin (BTC) Daily Price Chart (September 2019 – May 11, 2020)

Bitocin price jumps and slumps on daily chart

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.