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Upcoming BTC halving is pulling Bitcoin prices up; investor interest reaches all-time high

BTCUSD seems to be quickly recovering from its lows and pushing upwards. The upcoming halving has spiked attention from all s
BTCUSD seems to be quickly recovering from its lows and pushing upwards. The upcoming halving has spiked attention from all segments of Bitcoin investors.

Bitcoin reward halving will take place on May 12. With just seven days left for the auspicious event, Google trends show searches related to ‘Bitcoin halving‘ are at an all-time high. The anticipation, as well as expectation, is the same from both the retail investors and the institutional investors.

BTCUSD skyrocketed after each halving. BTCUSD investors would be hoping for a-history-repeats-itself instance this time around too. The past few months were harsh on the investors. With the Dow Jones and S&P 500 seeing their worst declines and the best rises in a matter of few weeks is unprecedented.

Bitcoin seems to be recovering from its weekend losses

On May 3, BTCUSD reached as low as $8,600. However, it recovered soon after. The day’s range for BTC so far is $8,827.81 — $9,120.00. Currently, there is no particular reason for an improvement in investor sentiments. Even the billionaire investors believe things are going to get worse in the financial markets before they improve again. The only reason BTC is rising is the upcoming reward halving.

An essential aspect to consider in the Bitcoin equation is the presence of miners. The miners mine the BTC blocks. But with the reward value getting halved, a significant number of miners will become unprofitable. The ones with higher processing power and resources will topple the smaller ones. But with the mining power set getting concentrated, doesn’t that defeat the very concept of the ‘distributed ledger‘? Well, that is another article altogether.

Technical analysis of BTCUSD

btcusd bitcoin price

Let’s take a look at the shorter timeframe through the BTCUSD hourly chart. Source: TradingView.com

The resistance is at $9,583, while a crucial support level is at $8,463.41.

For the short term, the technical indicators for BTCUSD point to a ‘strong buy’ signal. The MACD line is firmly above the signal line. Even the RSI line is on a steady uptrend.

The opening of the Dow Jones today will be keenly observed today, as BTC tends to move in unison with it. XAU Gold has also attempted to bounce above 1700.

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