One of the most hyped-up events of the cryptocurrency sphere is finally here. Bitcoin halving took place a few hours back. The last Bitcoin halving, or halvening, as it is called, occurred on July 9, 2016.
Not just BTC analysts, but investors of several other altcoins such as the ETHUSD, XRPUSD, BCH, EOS, and several others waited keenly for this event. It is no wonder that the altcoin prices got more volatile as the halving drew near.
Is the Bitcoin halving worth the hype?
The objective answer to the question of whether the auspicious event was worth the hype is a ‘straightforward yes.’
Let me explain why. The last BTC halving saw BTCUSD racing towards $20,000. That is more than a 3000% jump in just one and a half years. This time after the occurrence, Twitter exploded with hashtags such as ‘#halving,’ ‘#BTC halving,’ ‘#BTCUSD,’ and others.
Is BTCUSD bullish now?
The day’s range for BTCUSD is $8,534.97 — $8,784.28. Bitcoin’s descent has been arrested. However, it would be too early to proclaim that it is bullish now.
The daily chart for BTCUSD shows the emergence of a small green candle after three large red candles. The RSI seemed to reverse its direction indicating an influx of buyers.
The crucial support is at $8,299.52, while the resistances lie at $9157.12 and $10,464.50.
The massive increase in the Bitcoin hash rate post the halvening is another strong signal of positive optimism for BTCUSD. Even the trending social media hashtags indicate people’s anticipation for Bitcoin’s move. It is a reliable indicator of the potential of BTC to have a strong bull run soon.