Bitcoin's price is rebounding following a challenging beginning to the month, just under two weeks away from the highly anticipated halving event.
Bitcoin is recovering after a period of stability to start April, bouncing back above $69,000 on Thursday ahead of the network’s upcoming halving event expected in a few weeks.
Bitcoin rebounds to $69,000
The price of Bitcoin has risen 5% in the past 24 hours, reaching $69,100, reversing a three-day trend that saw the top cryptocurrency drop below $70,000 and nearly touch $65,000 on Tuesday before bouncing back on Thursday.
Bitcoin’s halving event occurs every four years to reduce the amount of BTC miners receive as a reward for successfully producing a new block. Its aim is to slow the increase of the circulating supply and curb inflation, often associated with an increase in asset prices.
With the next halving event scheduled for April 20, Bitcoin’s price surged in March to a new all-time high of $73,737, skyrocketing multiple times throughout the month as it continued to climb higher. The previous all-time high for Bitcoin was set in November 2021 at around $69,000.
Timing of Bitcoin Halving Event
The estimated date for the halving event has changed in recent weeks, as the event is tied to a specific block on the network, as well as Bitcoin’s activity and demand helping determine the network’s speed at that time. Currently, it is scheduled for April 20 or 4/20, with some notable memes fitting well with the current price level, along with some other memes.
Bitcoin’s latest price increase has caused similar fluctuations across the entire market, with no surprises, rising 4% each day on data from CoinGecko. Ethereum (ETH) rose nearly 4% to $3,415 today, while Dogecoin (DOGE) surged 6% to $0.186 and Binance Coin (BNB) was the strongest performer among the top 10 cryptocurrencies with an 8% increase to $597.
Two of the largest gainers among the top 100 cryptocurrencies by market capitalization are closely linked to Bitcoin. ORDI, a BRC-20 token minted through the Bitcoin Ordinals protocol, surged nearly 15% in a day with the current price above $64, while Bitcoin Cash – forked from Bitcoin – rose about 12% to $644 after its own halving event earlier this year.