At present, the price of Bitcoin has broken through the sky, soaring to an astonishing $70,466.71! This number is shocking, as if Bitcoin is the new emperor of the financial world! Although the price fluctuates, the overall trend remains relatively stable. The turmoil in the global market has caused the price of Bitcoin to rise and fall from time to time, like a wild horse, and you never know which direction it will rush in the next second!
Recently, the Bitcoin market is like a hot carnival! Some investors are full of confidence and optimistic about the future of Bitcoin, and continue to increase their investment, making the price hit new highs; while other investors choose to cash out, hoping to make a huge profit at the peak moment. This crazy buying and selling behavior makes the Bitcoin price roll up and down like a roller coaster, which makes people excited!
(BTC) price fluctuates frequently, K-worker selling surges
As the Bitcoin halving approaches, its price has begun to fluctuate frequently recently.
At the beginning of this week, Bitcoin showed a strong attitude, like a wild horse running wild, soaring to more than $72,000 on April 8! But then, it seemed to have suffered a heavy blow and continued to fall, even falling to $68,000 in the early morning of April 10, and the market was in mourning. Currently, the latest trading price of Bitcoin is $69,468.4, a full 2% drop in the day!
According to Alternative data, there are only 10 days left until the Bitcoin halving! Emotions in the crypto world have been ignited, and the flames of greed are burning!
The correction in Bitcoin’s price has affected not only Bitcoin itself, but also the entire altcoin market! Arkham (ARKM) has suffered a heavy blow, falling a staggering 17.8%! In the past 24 hours, less than 10% of the top 200 cryptocurrencies have risen, and only 11 tokens have risen by more than 2%. The market is like a tsunami, which is dizzying!
How does K-worker deal with the halving event?
In March, Bitcoin K workers opened a K mountain, with an astonishing income of $2.01 billion, an unprecedented high, and an increase of 44.9%! Despite the surge in income, K workers chose to sell their Bitcoin assets one after another, as if they were anxiously waiting for the upcoming Bitcoin block reward halving in the countdown.
Cao Zhe, chief investment officer of Aven Intelligence, pointed out that the collective selling of K-coin workers may be in response to the increasing production costs and market uncertainties. As the halving event approaches, major K-coin companies are preparing for it, and many small K-coin pools may choose to withdraw from the ranks of cryptocurrency mining, while large mining pools will usher in a more professional and large-scale business model.
Bitcoin mining is like a hungry beast, madly devouring energy. In March this year, Bitcoin mining workers consumed an astonishing 19.6 gigawatts of electricity, setting an unprecedented record. Bitcoin mining activities around the world are constantly increasing their power consumption.
The U.S. government estimates that up to 2.3% of the nation’s electricity is consumed by 137 cryptocurrency venues, which has not only led to a surge in electricity bills for Texas residents, but has also raised concerns about national energy consumption.
The Bitcoin halving event will have a profound impact on the K industry, and K workers must meet the challenges of declining income and increasing operating costs to maintain profitability. Energy consumption and electricity demand will become the focus of global attention.
As crypto traders prepare for the upcoming halving, many brave crypto traders are exploring emerging crypto markets such as Africa, Latin America, and Asia, where electricity resources are extremely abundant and cheap. For example, Bitfarms is making great strides in Argentina and Paraguay; Bitdeer is continuously expanding its production capacity in Bhutan; Marathon has entered the UAE and Paraguay; Hashlabs provides hosting solutions in Ethiopia. This global crypto mining storm is intensifying, and the competition for electricity and wealth is unfolding around the world!
There are only nine days left before the halving. Is this a good time to buy?
There are only 9 days left until the Bitcoin halving! The market situation in the past month is like an endless war, quietly accumulating energy every day, just like the yin and yang in the trading system, with no beginning and no end, the cathode must be born with the yang, and the anode must be born with the yin.
This is the law of the market, just like the ebb and flow of the sea, seemingly calm on the surface, but actually surging undercurrents. After repeated games between bulls and bears, one side will eventually stand out, as if accumulating endless energy and about to break through this confinement zone of shock! This market competition is like an epic battle, waiting for the final winner to rise and dominate the entire financial field!
At present, Bitcoin's technical performance is decent, and its support is strong, like an indestructible castle. Even if it suffers a slight impact, it can rebound quickly. However, in the field of macroeconomics, the release of basic CPI data is like a heavy bomb, pushing market expectations into the abyss and releasing a strong negative atmosphere. However, this may be just the tip of the iceberg, and there may be more terrible news coming in the short term! In this financial storm, who can stand firm and who can fall into the abyss and become a victim of the market? Only time can reveal all this!
However, the current data, especially the funding side, is not very ideal. The large-scale outflow of US funds is worrying. This round of Bitcoin's rise is mainly driven by US traders, and if US funds continue to withdraw on a large scale, it may have an adverse impact on Bitcoin's trend. Of course, this is not to sing bearish, but to remind everyone that the current market situation does not mean that the rise will continue, and the decline may not end immediately.
Especially in contract trading, you need to pay attention to the support level and rebound resistance level. If you cannot successfully support or break through the resistance level, it may just be a round of range fluctuations at different time levels. Therefore, if the contract opening position is not ideal, you may face less than ideal results. It is recommended to consider taking more at the support position when the current general trend remains unchanged, rather than blindly shorting at high levels.
As for spot trading, the current situation is relatively awkward. If the key position cannot be broken, reducing or clearing positions may lead to missing future opportunities, and if the position is over-held, once the support level is broken, it may face a large loss. Therefore, it is necessary to pay close attention to the second support level mentioned today. If it is not broken, spot trading can remain stable for the time being and wait for observation.
MEME is still the most popular
Meme Coin Party Continues
Santiment, an on-chain data provider, provides insights that can be called a market watchtower. As Bitcoin climbs back to the $70,000 mark, memecoins continue to soar like a phoenix, suggesting that the carnival of profits among traders is coming again! Although people have different opinions on the role of memecoins in the cryptocurrency field, they have outperformed other altcoins in recent days.
The surge in speculative assets can be regarded as an important trend in 2024. The prices of projects with limited development progress have skyrocketed rapidly, like the calm before the storm. This may be a warning bell that the cryptocurrency market is approaching its peak!
However, we should not easily regard the recent surge in the market value of tokens such as DOGE, TRUMP, AIDOGE and SPX as the end of the rally. Especially at a historical moment when the Bitcoin halving event is only nine days away, events historically associated with bullish sentiment may bring new surprises to the market! This is a feast for cryptocurrencies, and only the brave can take it away!
Bitcoin-based PUPS achieves impressive gains
PUPS, a memecoin project built on the Bitcoin blockchain, has experienced a significant surge in value, with its price surging an impressive 1,075% in the past seven days.
According to CoinGecko, PUPS is currently trading at $45.40, just below its recent all-time high of $47.44. The heightened activity around PUPS isn’t limited to just the price surge, as sales of its BRC-20 NFT collection have increased by a staggering 6,948% over the same seven-day period.
In addition, statistics show that PUPS BRC-20 NFT ranks second in terms of sales volume in the past week, with 3,232 transactions involving 1,161 buyers totaling $18.4 million. This performance exceeds the performance of NodeMonkes, which had sales of $11.72 million, a relatively small increase of 108.61%.
The success of PUPS reflects a broader trend observed in the market. Over the past seven days, NFT sales on the Bitcoin blockchain have surpassed those on Ethereum and Solana, two platforms that have traditionally been synonymous with NFT activity.
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