Bitcoin Dips 7% as Monster Rally Shows Signs of Fatigue Near $65,000 — TradingView News

Illustration by TradingView

OG token has been moving mostly sideways since peaking at a record high above $73,000 on March 13. Until Tuesday when it dipped big time.

  • Bitcoin jumps to pare back some losses.
  • Bitcoin halving to happen in 2 weeks’ time.
  • Broad market added $900B in value in Q1.
  • Bitcoin BTCUSD drifted lower on Tuesday and was trying to stage a rebound early Wednesday. The leading crypto asset fell more than 7% during yesterday’s session, dropping about $5,000 to a 10-day low of $64,500 per coin. Devoted buyers, however, pushed prices above the $66,000 threshold earlier today, trying to buy the dip, which was the biggest single-day decline since early March.
  • It’s been a weak start of the month for Bitcoin with about 10% of its valuation washed out over the past two days. But volatility is bound to pick up as we draw closer to a milestone event. The Bitcoin halving is due to happen in about two weeks’ time. Every four years or so, the incentive for mining BTC is slashed in half as a way to preserve the token’s unique glamor as the quintessence of scarcity premium.
  • Some could argue that the flagship crypto needed to take a breather after its monster rally to a record high of over $73,000 last month. Moreover, Bitcoin signed off with a 63% increase for the first quarter when the industry celebrated 11 spot Bitcoin ETFs joining the space. For that time span, the entire crypto market added 50% to its valuation, or roughly $900 billion, skyrocketing from $1.64 trillion to current levels of $2.5 trillion.

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