Wounded BTC Recovers, But Are There Challenges Awaiting?



"Some investors are happy and some are sad, do you want the price of BTC to go up or down?"


The consolidation up to $67,148 was finally successfully shown by the price of the cryptocurrency king Bitcoin (BTC) after Casey Rodarmor launched the Runes protocol that allows the minting of digital tokens on top of the BTC blockchain.


Please note that the positive move triggered a sevenfold increase in BTC transaction fees over the weekend, where transaction fees hit a record high of nearly $130 on April 20, 2024.


Through observation, BTC which is now right above the main demand zone following 1.66 million addresses buying it at an average price of $64,800 is found to be able to act as a strong support level if the price experiences further downward pressure.



Not only that, BTC's open rate funding rate (OI) did turn negative on April 18, 2024 and again on April 21, however the metric has now returned to positive indicating that more investors are now interested in long positions.


There is no denying that crypto markets including BTC are currently seeing signs of recovery, but investors should remain cautious as all eyes will be on the PCE inflation data that will be published on Friday this week.


Besides revealing that the BTC halving event is not a bullish event, 10x Research founder Markus Thielen warned that crypto market momentum may weaken in the coming months and a deeper correction could occur.


This is because miners may unload their $5 billion worth of BTC investments to ensure stable operations after the revenue cut, but QCP Capital thinks the price increase still has a few weeks to see long positions.


As of this writing, BTC price has surged by 2.83% to $67,088 in the past 24 hours with a market capitalization of over $1 trillion and is up 5.39% over the past week.

Post a Comment

Previous Post Next Post

Contact Form