Bulls Take Control Despite Bitcoin Erasing 15% in the Pre-Halving Crash

The Federal Reserve headquarters in Washington DC
Bitcoin bulls could ignite a post-halving rally despite Federal Reserve wanting more money

Post-halving prices have stabilised below $8,700. The weekend before the halving, Bitcoin crashed 15% and touched $8,100 and has since struggled to breach $9,000 

Bitcoin’s price crashed 15% in the days before the halving and appeared to be hovering below $8,700 afterwards.

However, despite a grim outlook on the economy from the Federal Reserve Chairman, Jerome Powell, Bitcoin raced past several resistance levels to touch $10,000. Powell appeared to support the $3 trillion stimulus proposed by Democrats, but did announce any plans to introduce negative interest rates as President Trump suggested in a series of tweets on Wednesday.

Despite this, Bitcoin’s bulls took control and broke with the short-term trend of Bitcoin shadowing the S&P 500.

Bitcoin mini-rally fills the largest CME gap

Bitcoin’s push for a new May high saw bulls obliterate losses accrued last weekend as prices rose by 13% in intraday trading. On Wednesday, Bitcoin gained 5.78% to add over $516 to its value. The benchmark crypto’s price opened just above $8,700, rallying to close above the psychological level at the $9,200 hurdle.

Thursday saw the same trend before a slight pullback that has since returned Bitcoin to levels just above $9,700 as of press time.

However, Bitcoin’s brief rally to $10k meant the market erased its most recent crash, filling the CME (Chicago Mercantile Exchange) futures gap (the largest ever at $1,200) within hours. 

As noted last week, there was a 77% chance the cryptocurrency would hit $10,000, and although gains have been clipped during the European trading session, the bullish outlook remains;  a close above this important level provides the indication that Bitcoin will retake $10k.

Bulls Take Control Despite Bitcoin Erasing 15% in the Pre-Halving Crash 1
BTC 1-day price chart/Coin360

Technical analyst, Michaël van de Poppe, says that today’s upside could put Bitcoin “in a bull market.” According to him, the last dump happened pre-halving and that the $400 drop witnessed in intraday trading on Thursday provides a “nice trading range.”

He puts Bitcoin’s downside at lows of $8,250-$8,400 and $8,600, with the potential to trade at highs of between $9,800 and $10,100.

Bitcoin’s gains on Thursday come as Gold (GLD) saw its price go up following Powell’s economic outlook. At the time of writing, the precious metal has pushed prices above $1,700, gaining 0.4% in the past 24 hours. According to jmbullion.com, Gold has added $6.28 per ounce at $1,727.

The Altcoin market is also seeing an upside, with Ethereum (ETH) up over 4% in a day, and is now trading above $205 USD. XRP has added 2.05% at press time to break above $0.203, as bulls target higher prices. BCH and BSV, which have seen their hash rate soar post-Bitcoin halving are also in the green, as are EOS and LTC.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews



Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Millions in Cryptocurrency Stolen by Scammers in the Last Month According to Tenable Research
November 24, 2021
Behind The Scenes: How this Crypto Community Responded to + $50m Hack
October 18, 2021
Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021

Blockchain/Cryptocurrency Questions and Answers

Crypto casinos
How Does Bitcoin Casino Work + 2021 Beginner’s Guide
November 8, 2021
Cryptocurrency
How to Buy and Sell Cryptocurrency
November 8, 2021
What Are Bitcoin Futures And How Will They Work In 2022?
November 4, 2021
Ethereum
The Unconventional Guide to Ethereum
October 28, 2021
ICo Presale
The Science Behind ICO Presales…
October 14, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin48,429 0.40 % 2.07 % 15.39 %
Ethereum4,078.0 0.30 % 2.92 % 4.94 %
Binance Coin540.62 0.50 % 5.61 % 11.58 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Solana184.62 1.85 % 7.81 % 7.90 %
Cardano1.310 0.43 % 5.68 % 18.03 %
USD Coin1.000 0.14 % 0.20 % 0.17 %
XRP0.7738 0.65 % 7.73 % 19.97 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
Terra63.06 2.47 % 14.68 % 26.19 %

bitcoin
Bitcoin (BTC) $ 48,110.00
ethereum
Ethereum (ETH) $ 4,061.26
binance-coin
Binance Coin (BNB) $ 538.30
tether
Tether (USDT) $ 0.99827
solana
Solana (SOL) $ 185.07
cardano
Cardano (ADA) $ 1.30
usd-coin
USD Coin (USDC) $ 0.998259
xrp
XRP (XRP) $ 0.771285
polkadot
Polkadot (DOT) $ 26.11
terra-luna
Terra (LUNA) $ 61.70