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Bitcoin price steady after halving. Is it calm before storm?

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Tokeneo
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2 min reading

Block 630,000 was excavated yesterday, and with this long-awaited event the third Bitcoin halving was performed. From now on, miners will only receive 6.25 BTC for every new block in the Bitcoin network.

The price of bitcoin a few hours before halving has got into turbulence, but it seems that everything has calmed down, at least for now.

bitcoin coin

After halving, bitcoin price remains stable

A little more than 15 hours after we experienced bitcoin halving on block 630,000, the price of the most popular cryptocurrency remains stable. During this event, the price of bitcoin remained at around $8500, and since this moment has risen to $8,750.

Source: Tradingview
After halving bitcoin costed from $8500 to $8800. The first level of support to consider is $8,600, followed by $8,400 if it doesn't last. If the price drops below, the $8,000 level should provide strong support because it contains 38.2% of the Fibonacci retraction level since the March 12th revival, as well as 100MA and 200MA.

From the top, the first level of serious resistance is between $9,130 and $9,200 - it includes the Golden Fib Level. In fact, additional resistance is between $9,400 and $9,500 and 9,800 and $10,000.

While at the time of writing this text the situation remains relatively stable, but it can be the silence before the storm.

Altcoin prices are stable

The dominance of bitcoin still remains unchanged at 67%, so the altcoins did not score any progress.

Compared to the US dollar, most altcoins show small changes of 1%-2%.

However, compared to Bitcoin, market seems to be waking up slowly as most alternative cryptocurrencies have grown in relation to BTC.

Cryptocurrency Market Overview. Source: Coin360.comAs can be seen in the chart above, Ethereum is growing by 2% compared to BTC, XRP is also growing by 2%, while BNB gained as much as 6% on the last 24 hours.

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