Bitcoin Halving EventBitcoin prices are seeing a fresh move higher across early European trading on Monday with futures prices now very close to retesting the current YTD (and all-time) highs. The buying likely reflects renewed demand interest ahead of the upcoming Bitcoin halving event. With BTC supply due to be reduced on April 20th, traders are anticipating a fresh bull cycle taking hold. ETF DemandIn recent weeks we’ve seen Bitcoin prices consolidating, following the breakout move to highs around mid $74k. Institutional demand for spot-Bitcoin ETFs had been soaring prior to that point, however recent outflows had seen the market losing steam. If we see ETF demand picking up again now, we could well see BTC printing new highs ahead of the halving event. Fed EasingAlongside BTC-specific aspects, the market is also being supported via a generally positive risk tone as traders look ahead to projected Fed easing this year. While there is still uncertainty over when the Fed will begin easing, with the bank recently reaffirming its projections for three cuts this year, traders anticipate better risk conditions over the remainder of the year which should also help keep crypto longs on side. Looking ahead this week, BTC bulls will be looking for a weaker-than-forecast US CPI reading to help drive fresh buying. Technical Views BTCThe rally off the 64540 lows has seen the market testing above the 69355 level and the contracting triangle highs. Momentum studies have weakened after the recent consolidation showing there is plenty of room for a fresh push higher. 74325 remains the key resistance for now with 81940 the next target for bulls above that level. More By This Author:Crude Oil Commentary – Friday, April 5
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