BTC Price Holds Above $69K as Bitcoin Halving Closes in

The Bitcoin price remains unchanged over the last 24 hours, trading at $69,555 as of 1:00 am EST.

BTC is trading in a third consecutive bullish session after breaking through the $69,000 mark over the weekend. Whether this directional bias will be sustained remains to be seen, with analysts anticipating a correction before the next leg upward.

Meanwhile, market participants are waiting to see the direction the big crypto will take after the Bitcoin supply halving event, which is less than two weeks away.

Historically, the halvings have been revealed to have little impact on the price of BTC. The halving is considered a bullish catalyst for Bitcoin price. Typically, analysts expect a reduction in selling pressure from miners immediately after the halving, which could boost the asset's price.

Bitcoin shows mixed signals

Bitcoin price remains range-bound since its year-to-date peak of $73,777 on March 14. The resistance at $72,000 has proven to be tough, and the price sits on strong support on the downside.

Popular analyst Ali says the price is likely to experience a correction in the short term. He shared a 12-hour chart on X and said that the TD sequential indicator had sent a sell signal. Ali told traders to expect a "one to four candlestick correction for $BTC."

Bitcoin is strongly supported on the daily timeframe between the $67,300 and $69,300 demand zones. Data from IntoTheBlock's In/Out of the Money Around Price Model corroborate this, showing that approximately 689,360 BTC were previously bought by roughly 1.14 million addresses within this zone. This is robust support that can absorb any kind of selling pressure threatening to lower the price.

Bitcoin IOMAP chart. Source: IntoTheBlock

The moving averages also provided areas of strong support for the price on the downside. These were areas defined by the 50-day exponential moving average (EMA) at $64,000, the 100-day EMA at $57,223 and the 200-day EMA at $48,686.

Moreover, these EMAs and the relative strength index (RSI) were facing upward. The price strength at 55 suggested that the market condition still favored the upside.

Bulls will now try to push the price higher to tag the $70,000 psychological level. A daily candlestick close above this level would see BTC rise past $72,000 toward the all-time high at $73,835 and later into price discovery, with the buyers setting their eyes on $80,000.

TradingView Chart: BTC/USD

On the downside, BTC could drop from the current levels with the first line of protection emerging from the zone described above. Lower than that, the $65,000 psychological level and the 50-day EMA would offer a breathing area for buyers. This would give late investors an opportunity to get in at a discount.