Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
Home»TRADING NEWS»Will BTC bounce back to $75,000 before the halving?
TRADING NEWS

Will BTC bounce back to $75,000 before the halving?

By Crypto FlexsApril 2, 20244 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Will BTC bounce back to ,000 before the halving?
Share
Facebook Twitter LinkedIn Pinterest Email

Bitcoin price fell below $65,800 on April 2 as leveraged bullish traders recorded losses of more than $130 million and BTC network fundamentals and major macro indices hinted at an imminent rebound.

On April 2, the price of Bitcoin fell to a ten-day low of $65,800, down 6% in a frenzied 12 hours. Can BTC recover before the upcoming halving event?

Why did Bitcoin price fall today?

Bitcoin price fell from $71,317 to $65,800 during morning trading hours on April 2 (GMT). The BTC market decline can be attributed to the Bitcoin ETF getting off to a negative start to the week, with net outflows totaling $85.7 million on April 1. Farside Investors, Grayscale’s GBTC led the outflow of more than $302 million.

While the Grayscale ETF outflow caused its size to plummet, the rapid liquidation of the derivatives market further accelerated the Bitcoin price decline.

Coinglass’ liquidation heatmap chart below visualizes the size and frequency of liquidations for various assets and within specific time periods.

Bitcoin (BTC) derivatives market clearing | April 2024 | Source: Coinglass

As of this writing on April 2, more than 140,290 traders have liquidated $437.6 million in leveraged positions in the last 24 hours. In particular, long BTC traders were hit the hardest, losing over $133.7 million.

The bearish impact of this widespread liquidation culminated in a 6% price decline within a one-day period, but bulls are now incentivized to react with other measures to stem losses.

During consecutive market clearing periods, bullish traders can buy quickly to mitigate further losses, while short-term traders can begin to book profits, easing bearish pressure. Absent a deterioration in Bitcoin network fundamentals, this scenario could trigger an immediate BTC price recovery.

Whales hope for recovery before halving as Federal Reserve chairman eases recession fears

Bitcoin price fell 6% to $65,800 within a daily period on April 2, wiping more than $80 billion from its market capitalization within a daily period. However, BTC fundamentals, including network usage, remain stable and social sentiment remains broadly positive, indicating that the recent market downturn has been further deepened by a cascade of liquidations.

Federal Reserve Chairman Jerome Powell’s recent statement cooled recession fears and hinted at an imminent interest rate cut, a move that could trigger a quick recovery for BTC before the April 20 halving.

On Friday, March 29, Federal Reserve Chairman Jerome Powell reiterated that there is no reason to think the risk of a U.S. recession has increased.

There is no reason to think the economy is in recession or on the edge of a recession. We are in a place where the economy is strong. The labor market is in a good position.

– Jerome Powell, Chairman of the US Federal Reserve, March 29, 2024.

Confirming the bullish stance suggested by Jerome Powell’s bullish comments, BTC whales showed remarkable resilience amid turbulent market volatility on April 2.

Bitcoin price plummets after $140 million liquidated - 1
Bitcoin (BTC) Whale Wallet Balance | Source: Santiment

As you can see above, this group of whales invested over $6.8 billion to acquire 100,000 BTC in the last 30 days, with their balance increasing from 11.7 million BTC to 11.8 million BTC between March 1 and April 1. .

In particular, the price of BTC plummeted on April 2 and has now fallen below the 30-day simple moving average (SMA) price of $68,171. However, interestingly, the chart above shows that despite being in a net loss position, BTC whales continue to make new acquisitions in hopes of a quick rebound.

If whales remain resilient, strategic retail traders may soon receive a signal to ease bearish pressure on BTC going forward.

Moreso’s positive outlook for the next non-farm payrolls (NFP) report due on Friday, April 5 could lead to a renewed increase in bullish activity in risk asset markets. This scenario could promote a bullish recovery phase prior to the halving.

Bitcoin (BTC) Price Prediction: Rebound to $75,000 Before Halving?

BTC whales, holding on to the $6.8 billion in new acquisitions and the Fed Chief’s positive comments, are all pointing to a rebound in Bitcoin prices above $70,000 before the halving.

However, to validate these bullish price predictions, BTC bulls must first avoid further declines below the $65,000 area.

As you can see below, 861,890 addresses earned 580,020 BTC at an average price of $64,726. If they hold their positions, Bitcoin could enter a recovery phase immediately.

Bitcoin price plummets after $140 million liquidated - 2
Bitcoin (BTC) price prediction | April 2024 | Source:IntoTheBlock

Additionally, if the BTC price can get back to the $70,000 region, the market could be bullish once again. However, in this scenario, bears could form significant resistance in the $68,000 area in the near term.

Follow us on Google News

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

It shows a graphite network. Tesla is nothing without trust because Tesla’s Tesla spent $ 150 billion after Musk and Trump’s fallout.

June 7, 2025

XRP price prediction by reducing the volume of RLUSD (RIPPLE USD)

June 7, 2025

Why is the ecosystem of the SEI network boom in the second quarter?

June 6, 2025
Add A Comment

Comments are closed.

Recent Posts

The SEC gets $ 1.1m case when Crypto Schemer crosses the court.

June 7, 2025

NFT artists reproduce ‘password tax nightmares’ with new songs.

June 7, 2025

NVIDIA’s GB200 NVL72 and Dynamo improve MoE model performance

June 7, 2025

Despite market volatility

June 7, 2025

TEZOS promotes scaling efforts by activating data soluble layers.

June 7, 2025

It shows a graphite network. Tesla is nothing without trust because Tesla’s Tesla spent $ 150 billion after Musk and Trump’s fallout.

June 7, 2025

The merchant warns that Bitcoin is in ‘cancer price behavior’.

June 7, 2025

Is Bitcoin Price Rally $ 150K by the end of the year?

June 7, 2025

How does it affect Bitcoin?

June 7, 2025

Gala Games introduces a step -by -step approach to founder node staking.

June 7, 2025

AB starts in binance

June 7, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

The SEC gets $ 1.1m case when Crypto Schemer crosses the court.

June 7, 2025

NFT artists reproduce ‘password tax nightmares’ with new songs.

June 7, 2025

NVIDIA’s GB200 NVL72 and Dynamo improve MoE model performance

June 7, 2025
Most Popular

Bitcoin (BTC) predicted to surpass $150,000 by 2025 amid institutional adoption, Galaxy Research

December 31, 2024

Ethereum Foundation implements conflict of interest policy amid EigenLayer controversy

May 25, 2024

BNB Chain enhances the MEV environment through a proposer-builder separation model.

June 4, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.