According to CoinDesk, Bitcoin (BTC) prices remained steady around the $70,000 level after a volatile week, with traders warning of a potential market-wide pullback if the cryptocurrency loses the $69,000 level in the coming days. Most major tokens posted slight losses, with Solana's SOL, XRP, and BNB Chain's BNB dropping as much as 2%, and Internet Computer's ICP falling 6%. FxPro senior market analyst Alex Kuptsikevich noted that the short-term focus for traders would be to see if Bitcoin can retest Tuesday's intra-day lows near $69.5K, as a break below this level could signal a more protracted correction.
Dogecoin (DOGE) saw the most gains among major tokens, with a 6% increase, taking the token over 21 cents for the first time since December 2021. Historic price action suggests the token is showing similar fractals that have preceded significant rallies. The CoinDesk 20, a broad-based liquid index of top tokens minus stablecoins, was down 1.4%. Meanwhile, Bitcoin Cash (BCH) surged 13% ahead of an expected halving event on April 4. The current block reward is 6.25 BCH, but after the next halving, it will be 3.125 BCH. Open interest on BCH-tracked futures more than doubled to $500 million on Thursday from $213 million last week, indicating an increase in levered bets on more expected price volatility.
Halving events occur when the reward for mining transactions is cut in half, reducing the rate at which new coins are created and thus lowering the available amount of new supply. Bitcoin's own halving is expected on April 20, and has historically preceded a bull market for the token.