Bitcoin achieved its highest daily close in over 10 days on April 21, reclaiming the $65,000 level. The price of BTC rose from a low of $64,346 on April 21, experiencing a 3.5% increase to reach an intraday high of $66,527 on April 22.
According to data from Cointelegraph Markets Pro and TradingView, Bitcoin was trading at $65,910 at the time of publication, reflecting a 1.7% increase over the last 24 hours.
The recent Bitcoin supply halving, which occurred two days ago and resulted in miner rewards being cut in half, has led to a 5% increase in the price of the pioneer cryptocurrency. This has sparked speculation among market participants about whether Bitcoin will continue its upward trend post-halving.
One factor that could drive BTC up in the coming months is the open interest (OI) funding rate. Data from Coinglass shows that the OI funding rate for Bitcoin flipped negative on April 18 and again on April 21. However, it has since returned to the positive region and is currently resting at 0.0079% on April 22, indicating a growing appetite for long positions.
This shift in market sentiment is often noticeable after significant price movements, as seen with the 5% increase in Bitcoin’s price between April 20 and April 22. The recent drop in Bitcoin OI below 0% is reminiscent of a similar setup observed in October 2023, which resulted in a lasting rebound in the broader market.
Bitcoin’s price has also found strength above the $60,000 level. Last week, there was selling pressure each time Wall Street opened. However, the weekly close above $65,000 is considered positive by independent trader Skew. The zone between $65,000 and $66,000 has been described as “sticky” for Bitcoin’s price.
BTC has since climbed above this zone and currently sits on relatively strong support defined by a demand area. IntoTheBlock’s In/Out of the Money Around (IOMAP) model shows that BTC price has strong support on the downside compared to resistance in its recovery path. Approximately 638,330 BTC was previously bought by 1.31 million addresses within the $64,380-$66,338 price range.
According to popular crypto analyst Rekt Capital, Bitcoin has established strength above the $60,000 mark. The analyst believes that BTC is likely to accumulate between the $60,000 range low and $70,000 range high for a few months in a “reaccumulation” phase before entering a “post-halving parabolic upside.”
With the fourth halving now complete, market participants are focusing on Bitcoin’s post-halving upside. Pseudonymous trader Moustache has identified the $80,000 mark as the next important target for BTC price. They have been focusing on this target since 2022.
From a technical perspective, Bitcoin’s price action has formed a bull flag on the weekly chart, suggesting a continuation of the uptrend. BTC bulls may face resistance from the upper boundary of the flag at $67,500. However, a weekly candlestick close above this level could signal a possible breakout and pave the way for a move towards the all-time high of $73,835 and eventually the $80,000 mark, representing a 13% increase from the current price.