Bitcoin (BTC) has continued its voyage through the cryptocurrency market, looking for indications of a probable trend reversal. Given the likelihood of a retest of $68,500, analysts surmise that a move in that direction might validate the end of the previous decline period before the much-anticipated halving event.

The price of Bitcoin has fluctuated a lot in the last several weeks, with both dramatic increases and harsh declines. BTC has declined from its previous top amid this volatility, but it has shown strength near the $68,500 support level, indicating that a possible reversal may be in the works.

The next significant resistance level is projected at $73,500. A successful retest of the $68,500 support level could open the door for a bullish continuation. This level is significant because it marks a considerable obstacle that Bitcoin must clear to reach its previous high of $73,777.

Bitcoin Community Excited Over Halving Amid Anticipated BTC Rewards Decline

The cryptocurrency world is excited to see how the halving event, which is anticipated at a block height of 840,000 on Bitcoin, turns out and how it might affect market dynamics. The block reward for miners will be cut in half due to the halving, from 6.25 BTC to 3.125 BTC, limiting the rate at which new coins are released into circulation.

However, Jim Cramer, the host of Mad Money on CNBC, revealed that sellers are in a better position than buyers during Bitcoin’s downward trend. Jim disclosed that the price sweep in BTC was reflected in the March 27 price drop that saw the BTC trading at  $68,500.

Miners are currently making a conscious effort  according to the recent development, which is evident in the rapid growth of the BTC hash rate. This is a clear case of an increased computational power needed in the mining of BTC. It also disclosed that there are many BTC miners currently involved in the network.

The Reversal in Price of BTC to Trigger a Bull Run

Due to the increased scarcity and upward pressure on prices resulting from the reduction in supply, halving events have historically been linked to notable price increases. While historical performance does not guarantee future outcomes, many investors see the halving as a bullish catalyst that might send Bitcoin price hitting it’s peak.

Bitcoin may have reached the end of its decline ahead of the halving event if it retests the $68,500 support level. Conversely, a drop below the $68,500 price level may cause it to temporarily bearish and send the BTC price back to the $63,500 level. This has provided a buying opportunity for a later bull run before the next halving. 

A reversal in the price of BTC may push the price up to the $73,500 level, a position believed to be the next significant resistance before it retakes its former all-time high of $73,777. The coin is expected to experience a bullish region when it gets to  $74,000 – $75,000; hence, it will grow stronger afterwards.

Bitcoin Drops by over 4% in Trade, RSI Keeps Dropping 

Many technical indicators show that a downward trend is not over yet and won’t likely be the price of BTC to reach the market price of $67,711, which also rhymes with the Fibonacci placeholder, currently placed at 50%. In rare circumstances, Bitcoin is expected to rally around a Simple Moving Average (SMA) of 200 days at $67,307.

The current Awesome Oscillator (AO) published on the FXS platform shows the line on the histogram dropping and closing into the zero territories. At the same time, the Relative Strength Index (RSI) keeps sliding down the already declining momentum. This aligns with the decreasing trading volume indicator recommending a falling bull run. 

However, the price of BTC, as of press time, trades at $65,439.79 after encountering a 4.47% drop. The market capitalization is currently at $1,285,750,841,485 after recording a 51.08% increase in trading volume, representing $49,303,822,575.