Bitcoin Cash rises 13% ahead of BCH halving, Bitcoin stable around US$ 70 thousand

Some traders have warned of a further market-wide pullback if bitcoin loses the US$ 69,000 level in the coming days.

Dogecoin jumped 6%, while Bitcoin Cash saw a 13% increase ahead of an expected halving event on April 4, which has historically preceded a bull market for the token.

Bitcoin {{BTC}} prices have changed little in the last 24 hours amid few catalysts after a volatile week. Prices briefly jumped above US$ 71,000 on Tuesday but have since pulled back and remain stable around the US$ 70,000 level ahead of major options expiration on Friday.

Most major tokens recorded small losses. Data from CoinGecko shows that Solana's BNB chain's SOL, XRP, and BNB are down as much as 2%, while Internet Computer's ICP is down 6%.

Some traders have warned of a further market-wide pullback if Bitcoin loses the US$ 69,000 level in the coming days.

“Bitcoin has fallen below US$$ 70, which can be attributed to the bulls' need to let off steam and the general decline in risk appetite in global markets,” Alex Kuptsikevich, senior market analyst at FxPro, said in an email.

“The short-term focus for traders will be to see if bitcoin can retest Tuesday's intraday lows near US$ 69.5K. A break below this level could signal a more prolonged correction,” he added.

Dogecoin {{DOGE}} recorded the most gains among the majors, with a 6% increase with no immediate catalyst. However, historical price action suggests that the token is showing similar fractals that preceded significant price drops.

The CoinDesk 20, a net broad index of major tokens minus stablecoins, fell 1.4%.

Meanwhile, Bitcoin Cash (BCH) is up 13% ahead of an expected halving event on April 4. The current block reward is 6.25.