- BTC has fallen over 4.5% in the past 24 hours.
- Market indicators and indicators suggested continued decline in prices.
The wait is almost over Bitcoin [BTC] It will reach its fourth half-life in just a few hours.
The importance of this process has led to multiple speculations about how the king of cryptocurrencies will react in the short term.
To understand what to expect from BTC after the halving, AMBCrypto analyzed BTC’s on-chain data.
Bitcoin halving is about to begin
Halving is one of the biggest events in the cryptocurrency industry as it affects the supply of Bitcoin. Once the process is complete, the BTC miner’s reward will be reduced by half..
As enthusiasts waited, Bitcoin bears continued to dominate the market.
according to coin market cap, BTC has fallen over 13% in the last week. In fact, in the past 24 hours alone, the coin’s value has fallen by nearly 4%.
At the time of writing, it was trading at $60,995, with a market capitalization of over $1.2 trillion.
Also, halving may not have an immediate positive impact on the price of the coin.
Popular crypto analyst Michael Van de Poppe recently posted the following: Tweet This underscores the possibility that investors may have a few calmer days before their urge hits again.
The value of Bitcoin’s fear and greed index was also decreasing as it approached the nerve mark. This also suggests a slow moving few days. At the time of writing, the indicator value was 57.
Source: Alternative.me
High possibility of price reduction
AMBCrypto then checked other datasets to see if the bears would add more pressure.
An analysis of Glassnode data reveals that BTC’s network-to-value (NVT) ratio has recorded a rise after plummeting on April 15th.
An increase in the indicator suggests that the asset is overvalued and suggests a price correction.
Source: Glassnode
cryptoquant’s data It was revealed that BTC’s net unrealized profit and loss (NUPL) is rising. This meant that investors were now in the “belief” stage of having a large amount of unrealized gains.
Nevertheless, aSORP looked optimistic as it showed more investors selling at a loss. During a bear market, it can signal a market bottom.
Source: CryptoQuant
However, technical indicators remained bearish. For example, BTC’s Relative Strength Index (RSI) and Money Flow Index (MFI) both recorded declines.
The MACD showed a clear bearish advantage in the market, hinting at further price declines.
Source: TradingView
read Bitcoin’s [BTC] price prediction 2024-25
AMBCrypto then checked Hyblock Capital’s data to find support levels where BTC could plummet post-halving if the downtrend continues. According to our analysis, the support level for BTC is near $59,950.
A plunge below that level could be dangerous and could result in the price of BTC falling close to $58,000, leading to a significant amount of BTC being liquidated.
Source: Hyblock Capital
