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

[{"selector":"#anim-b4632b18-e4a5-422d-ba28-1d34de645c77","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-045dd4d8-a19e-4ef9-bd06-4dbc70a192ee [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-11.962150598052098%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Despite the recent Bitcoin halving, market reaction has been modest, with Bitcoin consolidating within a small range.

[{"selector":"#anim-65bfeb12-294f-46e3-9599-9029820cf509","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-792334f3-774c-4b99-9821-82f184efaa9c [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(1.0297482946662377%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Factors such as restricted supply, growing demand from Bitcoin ETFs, and a surge in long-term holdings indicate an optimistic prognosis.

[{"selector":"#anim-c44eef01-c180-4878-9a37-b3660cb52232","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-156ab19f-837c-433d-b487-c9d087204bbb [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(13.938653523725186%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] To launch a new rally, Bitcoin bulls must defend the $60,000 support level.

[{"selector":"#anim-3621c0d2-498b-4c2d-b08e-e8cf817910c2","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-44574931-b562-4666-8c89-3197214cde64 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] The widely anticipated Bitcoin halving occurred last weekend, reducing miner incentives from 6.25 BTC to 3.125 BTC each block.

[{"selector":"#anim-e1bad9d2-d113-492c-bac0-f9bfb9999feb","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-aeddb1e3-c102-4fe9-8c78-6f72c0be7d81 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(11.180162625458516%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] This inevitably lowered the cryptocurrency's supply, with estimates suggesting that 94% of all Bitcoins have already been mined.

[{"selector":"#anim-1ff0b603-62e6-485d-8774-a9f72a7bff6f","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a7fe522b-2916-49a2-8bc6-7cdfde48e685 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.552713678800501e-15%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Despite the halving, the early market reaction has been mild, with Bitcoin trading between $65,000 and $67,000.

[{"selector":"#anim-d1d1b91d-d0ad-4e43-aa51-a93f7474a02e","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-fd50ec93-4635-486b-95ae-449e887b812b [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-7.239103969369488%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] This could indicate that the overall upward trend is still intact for the time being.

[{"selector":"#anim-94fad053-d9cf-4b0a-960f-3aad3deb526d","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a49d98eb-ca37-429a-9cbe-e31e25bbdf6a [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-15.538449462816835%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] 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.

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

The April 12, 2024 Edition of Your Daily FinanceScope

Thanks For Watching

Read More :