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Bitcoin begins massive week; Is the panic over?

Bitcoin begins massive week; Is the panic over?

Bitcoin (BTC) is showing signs of a short-term price rebound following sudden losses that coincided with heightened tensions in the Middle East.

The recent downturn in Bitcoin, alongside the broader cryptocurrency market, was partially fueled by what market players termed as investor panic. 

With Bitcoin breaching the $65,000 resistance level, the main focus is whether it has overcome its recent challenges to embark on a new trajectory amidst prevailing bullish catalysts such as the upcoming halving. 

In this line, crypto analyst by the pseudonym El_crypto_prof in an X (formerly Twitter) post on April 15 pointed out that based on Bitcoin’s recovery, the tumultuous market behavior of the past few days may have been exaggerated, highlighting the insignificance of short-term price movements. The analyst suggested that the rebound indicates the bull run is far from over. 

Bitcoin price analysis chart. Source: TradingView

“All this panic in the last few days was completely in vain. It just shows how unimportant short-term price action is. It’s often just noise.The bull market is far from over,” the expert said. 

Bitcoin’s massive week

Meanwhile, the bullish moment has emerged as crypto trading expert Michael van de Poppe pointed out that Bitcoin is entering a massive week. 

In an X post on April 14, the analyst maintained that the ongoing price fluctuations might present favorable buying opportunities for investors.

In his view, one of the imminent events driving attention is the approaching Bitcoin halving week that has long been associated with bullish sentiments. 

Additionally, Poppe noted that approving spot exchange-traded funds (ETFs) for Ethereum (ETH) and Bitcoin in Hong Kong adds further significance to the week’s developments. 

Hong Kong became the second region to approve such products in 2024, following the decision by the US Securities and Exchange Commission (SEC) in early January. However, while the US has given the green light to 11 spot Bitcoin ETFs, it has yet to approve an Ethereum ETF.

Overall, the outlook for Bitcoin this week appears intriguing, with the halving event ranking as a top event to watch. Indeed, the recent correction may present buying opportunities, considering Bitcoin’s historical tendency to rally post-halving.

Bitcoin price analysis

Bitcoin has stabilized above the $65,000 support, with investors eyeing it as a springboard toward reaching the $70,000 mark. 

By press time, the Bitcoin price today was changing hands at $66,7100, marking a nearly 3% increase over the past 24 hours. However, on the weekly timeframe, BTC has seen a decline of close to 8%.

Bitcoin seven-day price chart. Source: Finbold

Despite recent short-term gains, caution is warranted as Bitcoin may not yet be out of the woods. The asset remains susceptible to further volatility, particularly as the situation in the Middle East continues to develop.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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