Bitcoin Price Steady Hours After The Halving: The Calm Before The Storm?

Block 630,000 was mined yesterday, and with it, the third Bitcoin halving was successfully completed. From here on, miners will receive 6.25 BTC for adding new blocks to the network.

The hours before the event were fairly turbulent for BTC’s price, but it seems that it has calmed down, at least for now.

Bitcoin Price Steady Following The Halving

A bit more than 15 hours after Bitcoin’s halving took place at block 630,000, the price seems relatively stable. At the time of the event, BTC was changing hands at around $8,550 and has since increased to the current levels of $8,750.

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BTC/USD 4-hour chart, Bitstamp. Source: TradingView

Bitcoin was trading in a tight range between $8,500 and $8,800 since the halving took place. The first level of support to consider lies at $8,600, followed by $8,400 if it fails to hold. If the price drops below, the $8,000 level should provide strong support as it contains the 38.2% Fibonacci retracement level since the recovery from March 12, as well as the 100MA and 200MA.

From above, the first level of serious resistance is found in the area between $9,130 and $9,200 – it contains the Golden Fib level. Beyond that, additional resistance is found between $9,400 and $9,500, $9,800 and $10,000.

While the situation remains relatively calm at the time of this writing, it may as well be the calm before the storm.

Altcoins Relatively Stable

Bitcoin’s dominance remains somewhat unchanged at 67%, hinting that the altcoins haven’t made any major strides.

Indeed, against the USD, most alternative cryptocurrencies are charting either slight losses between 1%-2% or slight gains in the same range.

Against Bitcoin, however, it appears that the market is starting to wake up as most of the altcoins are trading in the green.

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Cryptocurrency Market Overview. Source: Coin360.com

As seen in the above chart, Ethereum is up about 2% against BTC, XRP is up about 2% as well, while BNB leads with 6% daily gains.

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