Bitcoin forms a bull flag after halving: How to trade the potential breakout.

Despite the recent Bitcoin halving, market reaction has been modest, with Bitcoin consolidating within a small range.  

Factors such as restricted supply, growing demand from Bitcoin ETFs, and a surge in long-term holdings indicate an optimistic prognosis.  

To launch a new rally, Bitcoin bulls must defend the $60,000 support level.  

The widely anticipated Bitcoin halving occurred last weekend, reducing miner incentives from 6.25 BTC to 3.125 BTC each block.  

This inevitably lowered the cryptocurrency's supply, with estimates suggesting that 94% of all Bitcoins have already been mined.  

Despite the halving, the early market reaction has been mild, with Bitcoin trading between $65,000 and $67,000.  

This could indicate that the overall upward trend is still intact for the time being.  

The constrained supply produced by the halving, paired with continuous inflows into Bitcoin ETFs (especially BlackRock's iShares Bitcoin Trust (NASDAQ:IBIT)), is projected to drive up demand.  

The April 12, 2024 Edition of Your Daily FinanceScope 

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