$BTC The price of bitcoin plummets 10% in a week as the halving event nears
Many in the know see the Bitcoin halving as a major event that will drive up the price of BTC. According to the statistics from the countdown counter on the halving event is 110 days away. Miners will get half as much as they do now for validating Bitcoin blockchain transactions due to the event's reduction of the payout for mining BTC blocks.
Bitcoin trading below $43,000 level: a technical analysis
The event that likely ruined Bitcoin's price movement was the altcoin season. Bitcoin's price remained flat below the $43,000 mark on Thursday. Bitcoin holders lost money last week as the price fell almost 8%.
Between November 2021 and February 2022, the asset's price fell below the 50% Fibonacci Retracement of the Bitcoin price decrease. Currently, the price of Bitcoin is $42,843, which is lower than the 50% Fibonacci Retracement level of $43,074. Key resistance in the recovery of the Bitcoin price has been reached. The chart below shows the imbalance zone between $43,589 and $45,613 as well as the other two important resistances, R1 and R2, respectively.
If the daily candlestick closes over $43,074, the pessimistic thesis on Bitcoin price might be disproven.
