The halving event presented a large uncertainty to traders in its immediate aftermath, but a rally is likely to ensue later on.on X noted that trader activity has been consistently higher than the turning point in February when demand began to go sky-high.The halving event is around the corner, and combined with the steady ETF inflows, a strong bullish performance is expected across the market.
Therefore, it was possible that the recent dormancy could be followed by a sizeable rally in the short-term.Since mid-March, BTC has hovered between the $64k-$70k region for the most part. Yet, during this consolidation period, the 7-day simple moving average of the exchange outflow saw a significant drop.
The uncertainty around the market’s reaction to the halving event might be a reason why. Once the metric begins to trend higher, like it did after 18th December 2023, further price gains could be anticipated.The liquidation heatmap showed that the $75k area is a strong magnet for Bitcoin. The large number of liquidations in that region could attract prices to it before a bearish reversal.
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Source: CryptoAmb - 🏆 22. / 68 Read more »