#BTC Technical analysis vs upcoming Bitcoin’s halving event

#BTC is bullish these days it has recovered fast from its bottom point 15476 dated 21/11/22 on Binance. Lets see current scenario of TA analysis of #BTC using 1 month time frame as higher the time frame higher the accuracy.


BTC bullish Chart
#BTC Support points are

Support 1- 26000

Support 2-25000

Support 3-23500

Support 4-22158 which is the strongest support below this support it could crash.

#BTC Resistance layers in upward moving direction

Resistance 1- 33300 around

Resistance 2- 45250 around

Resistance 3- 56800 around

Resistance 4-60000 around

Ignore short time up and down #BTC fluctuations if you are holder and can read charts for making decisions. The rising value of #BTC also attracting newbbies which is also causing hype for acquiring #BTC holdings. The previous weekly candle has bottom of 21813.88 and high of 28390.10 on Binance having rise of 6576.22$ / 30% insane gain.

Upcoming News/Events in #BTC
Block Reward Halving in May, 2024-The Bitcoin halving event happens every four years in which Bitcoin rewards to its miners are cut in half. This event is generally viewed as positive for Bitcoin’s price, as halving helps in contracting supply. Historically, halving has been seen as a very good sign for bringing momentum in Bitcoin’s price considering events yeaer 2012, 2016 and 2020. We had seen sharp rise in #BTC price after the halving events. The Bitcoin halving event directly relates to its deflationary tendency and squeezes its supply, which helps the BTC price to rise further. As Bitcoin, being a decentralized cryptocurrency, cannot be printed by governments or any central banks, and thus the total supply of Bitcoin is limited. Rumours are also of btc accumulation by whales at lower price and sending in cold wallets. All above of the reasons why experts are bullish on Bitcoin.