The most important crypto asset in the entire space has been recovering over the course of the last few months, and many asset allocators are seeking to reposition themselves in order to take advantage of positive price movements. The markets are showing the first signs of bullish sentiment once more, and many now believe that the worst of the bear market is now in the past.
The Bitcoin price is consolidating above $20k
After a fall under $16k, the Bitcoin price now appears to have consolidated above $20k, with strong supports at the $22k area.
It remains to be seen whether or Bitcoin will be able to sustain these levels, especially given that they were initially reached by a series of short squeezes within a short space of time.
Strong resistance at $25k but not much above that until $30k
On its path to reaching higher highs, Bitcoin touched its head against the $25k resistance, before drawing back once more.
Now, the Bitcoin price appears to be largely stable, and according to @DocumentingBTC, it has now had the most stable month in its entire history.
₿: The price of #bitcoin just recorded its most stable month in over 14 years.
— Documenting ₿itcoin (@DocumentingBTC) March 2, 2023
Many analysts believe that the lack of volatility at these prices is indicative that the market is “coiling up” for a price explosion in the coming months.
The halvening is just around the corner – a huge catalyst for price appreciation
For those who are looking at longer term time frames, the Bitcoin halvening is just around the corner. In early 2024, the block reward will be cut in half and the amount of potential selling pressure that could be inflicted on the markets will also decrease.
When the halvening does come, Bitcoin’s block reward will fall from 6.12 to 3.125 BTC per block, and the inflation rate will fall below 1% for the first time in its history.
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