Some traders have warned of further pullback across the market if Bitcoin falls below $69,000 in the coming days. Dogecoin surged by 6%, while Bitcoin Cash rose by 13% ahead of an expected halving event on April 4, historically a precursor to a bull market for the token.
Bitcoin prices remained largely unchanged in the last 24 hours after a volatile week. Prices briefly rose above $71,000 on Tuesday before pulling back and stabilizing around $70,000 on Friday ahead of a significant options expiry.
Most major tokens experienced slight losses. According to CoinGecko data, Solana’s SOL, XRP, and BNB Chain’s BNB dropped by up to 2%, while Internet Computer’s ICP fell by 6%.
Some traders have warned of further pullback across the market if Bitcoin falls below $69,000 in the coming days.
Alex Kuptsikevich, senior market analyst at FxPro, said in an email, “Bitcoin has slipped below $70,000, which may suggest that bulls need to take a breather, attributed to a general decline in risk appetite in global markets.”
“The short-term focus will be on whether Bitcoin can retest the intraday low of $69,500 seen on Tuesday. A break below this level could signal a more prolonged correction.”
Dogecoin saw the largest gain among majors with a 6% increase. Historical price movements indicate significant value increases in similar situations.
The CoinDesk 20 index, which excludes stables among leading tokens, fell by 1.4%.
Meanwhile, Bitcoin Cash (BCH) rose by 13% ahead of an expected halving event on April 4. The current block reward is 6.25 BCH, which will be reduced to 3.125 BCH after the next halving.
The open interest in BCH tracked futures more than doubled from $213 million last week to over $500 million on Thursday, indicating an increase in leveraged bets on expected price fluctuations.
Halving is an event where the reward for mining operations is halved, reducing the rate at which new coins are created and thus decreasing the existing supply of the coin.
Bitcoin’s own halving is expected on April 20 and historically has been a precursor to a bull market for the token.
source: tr.investing.com/ prepared by Melisa Beğiç