Bitcoin Fundamentals Continue to Rise Despite Today’s Crash Below $65K
TL;DR
- Bitcoin saw a significant price decline and dropped to almost $65,100.
- Despite the recent downturn, there are fundamental factors that will fuel a positive recovery in the asset’s market performance.
The price of the primary cryptocurrency experienced a significant correction in the last few hours and dropped as low as $65,100. Despite a 7% decline on a weekly basis (according to data from CoinGecko), some important factors indicate that the trend will not last long.
One element worth observing is Bitcoin’s stock market net flow. According to CryptoQuant, the indicator has been predominantly in the negative territory over the past seven days, drawing two large red candlesticks. The shift from exchanges to self-custody methods is considered bullish as it reduces immediate selling pressure.
BTC Exchange Net Flow, Source: CoinGecko
BTC Halving
Perhaps the most obvious factor that could contribute to a new BTC price revival is halving It is planned for the end of April. The event, which takes place approximately every four years or when 210,000 blocks are mined on the network, halves the rewards distributed to miners.
This reduces the rate at which new BTC is produced and released into circulation, making the asset rarer and potentially more valuable over time. The halving will repeat many times over a century in the future until the maximum supply of 21 million BTC is reached.
Historically, it has served as a catalyst for future price movements for the leading cryptocurrency and the entire digital asset market.
Those who want to know if BTC has a chance to reach its all-time high before the halving can check the AI chatbot’s prediction Here.
SPECIAL OFFER (Sponsored)
LIMITED OFFER 2024 for CryptoPotato readers on Bybit: Use this link to sign up for Bybit Exchange for free and open a $500 BTC-USDT position!
#Bitcoin #Fundamentals #Continue #Rise #Todays #Crash #65K