Bitcoin has seen a comeback in days achieving its highest daily close, in over 10 days and crossing the $65,000 mark on April 21. The digital currency experienced a rise starting at $64,346 and reaching an intraday peak of $66,527 the day.
As of April 22 Bitcoins price was recorded at $65,910 showing a 1.7% increase within the 24 hours based on data. This upward trend reflects a 5% gain since the halving event that reduced miner rewards from 6.25 BTC per block to 3.125 BTC. This change has sparked speculation about where Bitcoins price may head
Insights from Coinglass reveal that the funding rate for Bitcoins interest turned negative on April 18 but returned to territory on April 21 reaching 0.0079%. This shift indicates a growing interest in positions in the market.
Over the week Bitcoins trading activity saw selling at the start of each Wall Street trading session. However closing above $65,000, on the chart was highlighted by independent trader Skew as robust.In a tweet Skew pointed out that the price range, between $65,000 and $66,000 is crucial for Bitcoins long term trend. They described this range as “sticky.”
Based on data from IntoTheBlocks In/Out of the Money Around (IOMAP) model it is shown that Bitcoin has support levels between $64,380 and $66,338. Around 638,330 BTC have been bought at these levels by over 1.31 million addresses. Skew also mentioned the possibility of Bitcoin going through a “reaccumulation” phase within the range of $60,000 to $70,000 before experiencing a rise post halving.
With Bitcoins fourth halving approaching there is interest in how it will impact the cryptocurrencys value. A user known as Moustache on X ( Twitter) who has been monitoring Bitcoins price movements since its peak in 2021 believes that the next significant price target for Bitcoin could be in the range of $80,000 to $85,000. This projection has remained consistent since 2022.
However there is resistance at the $67,500 level due to a boundary forming a flag pattern, on the price chart.
If the weekly candlestick ends above this point it might indicate a breakout opening up a path to the record high of $73,835 and even hitting $80,000. This situation could mean a 13% rise, from the prices.
With Bitcoin facing these price levels and market situations after halving traders and investors are closely watching for its chances to achieve peaks in the upcoming months.
