Bitcoin's price remains above $70,000, sparking concerns about a potential market pullback if it drops below $69,000. While Bitcoin is relatively stable, Bitcoin Cash has surged over 15% in the last 24 hours in anticipation of the upcoming block reward halving on April 4th.
Concerns Over Bitcoin's Stability
Bitcoin has been stable, with slight fluctuations around $70,000 after briefly reaching $71,000. The expiration of large options contracts on March 29th has created expectations of volatile price movements. Altcoins like Solana, Ripple, BNB Chain, and Internet Computer have seen minor losses. Investors are closely watching whether Bitcoin can maintain its level above $69,000 to determine the future trend.
A drop below $70,000 could result from profit-taking and reduced risk appetite in global markets, according to senior market analyst Alex Kuptsikevich from FxPro.
Bitcoin Cash Surge Ahead of Halving
In contrast to Bitcoin's stability, Bitcoin Cash has experienced a significant 15% increase before the block reward halving on April 4th, reducing miner rewards from 6.25 to 3.125 BCH per block. This event could slow down coin creation and decrease the availability of Bitcoin Cash.
The rise in open interest in Bitcoin Cash futures contracts suggests growing investor interest and leveraged positions in anticipation of price volatility around the halving. Historical trends show that halvings for Bitcoin and other cryptocurrencies have led to bullish trends and strong rallies.
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