Bitcoin Selling Pressure Intensifies During Halving Countdown, Frequently Dipping Below the Six-Figure Mark
Despite the impending halving of Bitcoin mining, the world’s largest cryptocurrency by market value continues to face selling pressure, falling below the $60,000 mark again last night. Bitcoin has formed a complete head pattern, with heavy selling pressure in the short term. At this moment when the halving is approaching, it may once again confirm the saying “Buy the rumor, sell the fact.”
According to a report by The Block, there are still 336 blocks until the next Bitcoin halving, which is expected to occur at 9:44 PM Eastern Time on April 19.
Yesterday, as the US stock market fell, Bitcoin plummeted to $59,678 at one point. Due to the complete formation of a head pattern and heavy pressure in the short term, it may once again confirm the saying “Buy the rumor, sell the fact.” This means that investors have already anticipated the halving effect and have bought in early, but when the reality occurs, selling pressure arises and causes a price drop.
Market analysis firm 10X Research has sold all technology stocks and most cryptocurrencies on the 15th, as risk assets are on the edge of a significant price correction, mainly due to unexpected sustained inflation. They hope to re-enter at lower price levels in the future.
BitMEX founder Arthur Hayes closed positions on SOL and several meme coins earlier in April. He believes that the halving may have a negative impact on short-term coin price trends because the market has already anticipated it. Therefore, he will avoid the April decline and wait to enter the market again in May.
Buy the rumor, sell the fact
Bitcoin
Halving
Related readings:
Bernstein: Bitcoin to recover and rise after the halving, reiterates $150,000 target price
Bitfinex: Bitcoin fundamentals similar to the rise in 2020, reaching cyclical highs 6 months later
