Five days after the fourth Bitcoin (BTC) halving, the flagship coin is still trapped inside a horizontal range between $60,000 and $74,000. Bitcoin’s price has been grinding higher in the past two weeks, trading at about $66,377 on Wednesday during the mid-London session.
The trading instrument has established a solid support level of around $64,903, which could hold in a sudden market selloff.
Short-Term Bitcoin Headwinds
Notably, on-chain data shows that Bitcoin whales have dramatically reduced the accumulation pace. CoinShare’s weekly report also indicates that investment products in digital assets recorded an outflow of about $206 million, led by Bitcoin and Ethereum.
However, the demand for Bitcoin will rise in the coming days, especially as Hong Kong prepares to start trading spot BTC ETFs by the end of this month. Additionally, the US federal funds rates will be released at the beginning of May, which will shed more light on anticipated rate cuts this year.
Analyst Expectations on BTC Price Action
It is safe to assume that Bitcoin’s price is already bullish, backed by BTC ETF approval in the United States and Hong Kong. It is retesting the bullish breakout of 2021’s all-time high, and several indicators suggest an inevitable rally ahead.
According to a popular crypto analyst, Rekt Capital, Bitcoin’s price is in an accumulation phase, awaiting a rally based on this cycle’s performance. As a result, the crypto analyst believes Bitcoin’s price will continue to consolidate ahead, which could give altcoins space to rally.
In the midterm, crypto analyst Ali Martinez noted that the 12-hour TD Sequential indicator had flashed a sell signal. As a result, crypto traders should be vigilant if the instrument drops below the support level of around $65,500. In such a situation, Bitcoin’s price could be reverted to the support level of around $61k.
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