- If the price manages to go above $43,290 level then it will likely test $43,730 level.
- Bitcoin recovered from a brief fall to $42,000 and gained 2% to hit $43,133 on Friday.
After Bitcoin and altcoins plummeted post Jerome Powell’s speech, the cryptocurrency market has swiftly recovered. According to the chairman of the Federal Reserve, the members of the Federal Open Markets Committee (FOMC) did not believe that interest rate reduction could be implemented by March.
The outcome was a negative market, and Bitcoin’s price fell to $42,000 level. Bitcoin recovered from a brief fall to $42,000 and gained 2% to hit $43,133 on Friday.
All Eyes on Upcoming Halving
The amount of bitcoin that miners have in their wallets as per the latest figure, according to Glassnode statistics, is 1,814,691 BTC, which is the lowest since July 2021.
In anticipation of Bitcoin’s upcoming fourth reward halving in April, miners seem to be depleting their holdings. Some have speculated that the next few weeks might see a decline in the price of Bitcoin, which would be a positive boost for altcoins.
Nevertheless, a recent study shows that over 80% of worldwide investors anticipate a price increase for Bitcoin after the impending halving, perhaps reaching new all-time highs.
The price did face minor correction and is currently trading below the $43,000 threshold. At the time of writing, Bitcoin is trading at $42,844, up 1.44% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down 20.94%. Amid the recent rebound, the price is up 4.35% in the last 7 days.
If the price manages to go above $43,290 level then it will likely surge further to test $43,730 resistance level. However, if the price goes below 42,460 then it will likely drop further to test $41,920 support level.
