Bitcoin BTC stabilized around $63,700 after the fourth halving, an event that changes the economics for the miners who support the Bitcoin ecosystem.
BTC has remained virtually unchanged since Bitcoin s 840,000th block was mined early Saturday UTC. Bitcoin fell to $59,685 on Friday before rebounding above $65,000.
Halvings have historically preceded Bitcoin price rallies, most recently in May 2020, when the price increased from $9,500 to $65,000 over the next year.
This time around, however, Bitcoin has already started a strong rally to all-time highs, rising from $15,500 at the end of 2022 to $73,680, thanks to optimism around the approval of spot Bitcoin ETFs in the US and subsequent enthusiasm since trading began in January.
JPMorgan said Thursday it expects Bitcoin to fall following the halving as it remains in "overbought conditions" based on high levels of open interest in Bitcoin futures. Goldman Sachs added that for Bitcoin to replicate the success of previous halving cycles, macro conditions must support risk-taking investments.
Since February 28, Bitcoin has traded between $59,600 and $73,860, the upper limit of which is protected this week amid the growing conflict in Israel, which has had an impact on all capital markets.
The April 12 sell-off from $71,000 to $60,000 wiped out $4 billion of open interest in the Bitcoin market, according to Coinalyze. The total amount on all exchanges except CME is $16.1 billion.
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