Bitcoin Halving Countdown: BTC Skyrockets to $71,000 Amidst Market Anticipation

Crypto News

Because the grand anticipated Bitcoin halving is impending, Bitcoin (BTC) is marking the first day of April by rock climbing support to $71,000.

Alternatively, as of writing, Bitcoin has retraced to the $70,500 level.

Bitcoin Halving is Now 2,818 Blocks Away

This mighty rally comes as the crypto market’s pivotal tournament, Bitcoin halving, is now 2,818 blocks away. NiceHash’s countdown shows that Bitcoin halving is estimated to happen on April 21, 2024.

This phenomenon has been widely discussed over the weekend on social media platforms such as X (Twitter). Bitcoin halving itself has historically catalyzed necessary impress movements in some unspecified time in the future of the digital currency market.

“The sphere has started talking about Bitcoin halving adore it’s every other world tournament. These are early signs of an asset class that is on its draw to mass adoption,” Nischal Shetty, founder of crypto swap WazirX, wrote.

Read extra: Bitcoin Halving Cycles and Funding Methods: What To Know

Crypto News Bitcoin (BTC) halving countdown.
Bitcoin (BTC) Halving Countdown. Source: NiceHash

As BTC stepped support to $71,000, the Bitcoin Anguish and Greed Index, a barometer for investor sentiment, has tipped into “Crude Greed” territory with a rating of Seventy 9, in step with data from Different.me. This shift indicates a increasing optimism amongst traders, potentially spurred by the predicted offer lower the halving tournament promises.

Simultaneously, the total cryptocurrency market capitalization has witnessed a famous ascent, reaching $2.827 trillion—a 2.1% enlarge in some unspecified time in the future of the last 24 hours. This uptick displays a broader self perception permeating the market, buoyed by Bitcoin’s stellar performance and speculative pleasure surrounding the halving.

Extra underscoring the frenetic exercise within the market, total liquidations have hit over $108 million all the draw in which thru the previous 24 hours, as reported by CoinGlass. This resolve highlights the volatile nature of the market, with necessary sums shuffled as traders space themselves earlier than anticipated fluctuations.

Whereas the crypto market is resurgent, traders moreover keenly survey upcoming macroeconomic data. This week’s Non-Farm Payroll figures and unemployment data may perhaps well even vastly impact the broader monetary market.

Read Extra: How one can Provide protection to Yourself From Inflation The use of Cryptocurrency

Fresh Federal Reserve Chairman Jerome Powell’s comments may perhaps well even affect the novel optimism. As reported by BeInCrypto, Powell acknowledged that it’s “no doubt doable” for the US economy to lead optimistic of a recession.

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