Bitcoin halving: Was it worth the hype? BTCUSD continues a bearish momentum

Bitcoin's short as well as medium-term outlook is bearish. The declining hash rate, weaker technicals, and grim macroeconomic conditions are making things more difficult for BTCUSD.

Wall Street opened lower today as technology stocks such as Apple, Alphabet, Boeing slide on account of rising tensions between the US and China.

Bitcoin turned bearish as it got rejected above the $9,600 mark. Lower volumes and skepticism regarding the risky investments in crypto, bulls are almost out of sight for BTCUSD. 

 

Bitcoin halving: Was it worth the hype?

Bitcoin’s halving event that was the talk of the town among the millions of Bitcoin enthusiasts. The popularity and spur in the number of investors played a significant role in pulling prices up from the $8,600 mark.  

Now that the halving is over, BTCUSD is having a hard time staying afloat. It moves up sporadically, only to fall lower than its previous level.

Bitcoin Hash rate fell by more than 30% from the day of the halving till now. The decrease in the Hash rate indicates a decline in the security of the Blockchain network. 

Several miners would have moved out of the network or were forced to move out. With decreasing Bitcoin prices and lower BTC rewards, it was no longer viable for them to continue participating in the mining process.

 

Technical analysis of BTCUSD reveals a further decline likely

Source: TradingView.com

A look at the BTCUSD hourly-price chart would reveal that BTC retested the 20-period EMA and fell lower. The day’s range for BTCUSD is $9365.1 — $9728.4.

Although BTCUSD crossed over the $9.7k mark, there are no bullish patterns. The Relative Strength Index and the MACD appear strongly bearish.

The volume traded has not improved either. Analysts claim that BTCUSD could fall much lower from here. Indeed, BTC is not rising with the Dow anymore. However, there is a good chance that any adverse impact on the Dow and BTCUSD would suddenly take a hit! 

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