Countdown to Bitcoin Halving: BTC Accelerates, Touches $72,000 Mark

On the afternoon of April 8th, BTC surged past the $72,000 mark, while ETH approached $3,600 ahead of the impending Bitcoin Halving.

Cryptocurrency Market Volatility at 05:20 PM on 08/04/2024. Source: Coin360

After days of sideways movement below $70,000, Bitcoin's price surged back to the $72,000 mark on April 8th, 2024.

BTC briefly pumped to nearly $72,600, bringing it within $1,000 of its recent all-time high (ATH). Currently, the king coin is fluctuating around $71,900, reflecting a nearly 4% increase over the past 24 hours.

4-hour chart of the BTC/USDT pair on Binance at 05:20 PM on 08/04/2024

This upward trend was accompanied by a market-wide surge in cryptocurrencies. Ethereum (ETH) soared to $3,620, nearing its recent highs seen at the beginning of April.

4-hour chart of the ETH/USDT pair on Binance at 05:20 PM on 08/04/2024

Notably, these price increases occurred during the Asian afternoon trading hours, a period when the US Bitcoin spot ETF market remained closed.

As you know, inflows into ETFs in recent months have been a primary growth driver for the market. However, this price hike also indicates strong FOMO from Asian capital flows.

According to market observers, market sentiment towards BTC remains highly positive, with Bitcoin Halving just around 10 days away. CEO of Morgan Creek Capital predicts BTC will reach $150,000 by the end of this year.

The king coin closed March at $71,280, marking a 16.34% increase for the month. All signs indicate continued optimism in the market.

While the market booms, those on the short side are likely less jubilant. According to CoinGlass data, $100 million worth of orders were liquidated in the past 12 hours, with 85% of them being short orders.

Liquidation data in the cryptocurrency market in the last 12 hours, screenshot from CoinGlass at 05:20 PM on 08/04/2024