Cryptocurrency

Bitcoin

April

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoins-ascent-nears-72800-peak-as-halving-event-looms" rel="noopener noreferrer nofollow">Bitcoin’s Ascent Nears $72,800 Peak as Halving Event Looms</a><br></p>
<p style="text-align: justify">With the <a href="https://en.bitcoinhaber.net/global-anticipation-for-us-secs-decision-on-bitcoin-spot-etf" rel="noopener noreferrer nofollow">Bitcoin</a> Halving just around the corner, the digital currency has witnessed a significant surge in value, narrowly dodging a major price correction some had anticipated. Over the past 24 hours, Bitcoin flirted with the $72,800 mark, generating a wave of optimism among investors for a potential continued rally. But to understand how sustainable this rally might be, it’s important to look at what the S&amp;P 500 and the US Dollar Index (DXY) are indicating about the general market climate.</p>
<h2 id="stock-market-influence-on-crypto">Stock Market Influence on Crypto</h2>
<p style="text-align: justify">The S&amp;P 500 Index, known for its positive influence on the <a href="https://en.bitcoinhaber.net/artificial-intelligence-a-double-edged-sword-in-cybercrime" rel="noopener noreferrer nofollow">cryptocurrency</a> market, is currently in a consolidation phase, showing no clear directional signs as of April 4 and 5. With an RSI firmly in the positive zone and a flat 20-day exponential moving average, the index’s performance remains critical. Should it fall below the pivotal 5,146 threshold, a slide towards 5,089 could follow; however, if investor demand remains robust, a climb beyond 5,265, with eyes on 5,450, is feasible. Such a stock market scenario typically bodes well for cryptocurrencies.</p>
<h2 id="dollar-strength-and-cryptocurrency">Dollar Strength and Cryptocurrency</h2>
<p style="text-align: justify">The DXY, often inversely related to cryptocurrency values, serves as a barometer for macroeconomic conditions. A slip in the dollar index from the 105 resistance level on April 2 has thus far played to the advantage of cryptocurrency bulls. While the index is showing some signs of weakness, it has sustained above key moving averages. Should upcoming inflation data fall short of expectations, the dollar might see further fortification.</p>
<h2 id="key-thresholds-ahead-for-bitcoin">Key Thresholds Ahead for Bitcoin</h2>
<p style="text-align: justify">As Bitcoin approaches its halving, the market is closely watching for any signs of a significant price correction – a common occurrence ahead of such events. However, with the cryptocurrency recently breaking above a key technical pattern, the potential to retest the $73,777 level looms. While a breach of the previous all-time high (ATH) could set sights on $84,000, bearish pressures aiming for a deeper correction will look to drive the price below the critical 20-day EMA of $68,335.</p>
<h2 id="points-to-consider">Points to Consider</h2>
<ul style="text-align: justify">
 <li>A strong S&amp;P 500 performance could propel crypto markets higher.</li>
 <li>The DXY index remains a significant factor, where a stronger dollar could dampen Bitcoin’s rise.</li>
 <li>Bitcoin’s ability to hold above or below key technical levels will influence short-term pricing in the lead-up to the halving.</li>
</ul>
<p style="text-align: justify">In summary, the interplay between traditional financial indicators and the crypto market continues to guide investor sentiment, especially as Bitcoin’s halving event promises to reshape the supply landscape. Whether the current uptrend is an indicator of continued growth or a prelude to a correction remains a focal point for market participants.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoins-ascent-nears-72800-peak-as-halving-event-looms" rel="noopener noreferrer nofollow">Bitcoin’s Ascent Nears $72,800 Peak as Halving Event Looms</a></h5>

Bitcoin’s Ascent Nears $72,800 Peak as Halving Event Looms

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BH NEWS

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