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    Home » BTC » Bitcoin Price Steady Hours After The Halving: The Calm Before The Storm?

    Bitcoin Price Steady Hours After The Halving: The Calm Before The Storm?

    Author: George Georgiev

    Last Updated Jun 24, 2020 @ 13:26

    Block 630,000 was mined yesterday, and with it, the third Bitcoin halving was successfully completed. From here on, miners will receive 6.25 BTC for adding new blocks to the network.

    The hours before the event were fairly turbulent for BTC’s price, but it seems that it has calmed down, at least for now.

    Bitcoin Price Steady Following The Halving

    A bit more than 15 hours after Bitcoin’s halving took place at block 630,000, the price seems relatively stable. At the time of the event, BTC was changing hands at around $8,550 and has since increased to the current levels of $8,750.

    btc_may12_4h-min
    BTC/USD 4-hour chart, Bitstamp. Source: TradingView

    Bitcoin was trading in a tight range between $8,500 and $8,800 since the halving took place. The first level of support to consider lies at $8,600, followed by $8,400 if it fails to hold. If the price drops below, the $8,000 level should provide strong support as it contains the 38.2% Fibonacci retracement level since the recovery from March 12, as well as the 100MA and 200MA.

    From above, the first level of serious resistance is found in the area between $9,130 and $9,200 – it contains the Golden Fib level. Beyond that, additional resistance is found between $9,400 and $9,500, $9,800 and $10,000.

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    While the situation remains relatively calm at the time of this writing, it may as well be the calm before the storm.

    Altcoins Relatively Stable

    Bitcoin’s dominance remains somewhat unchanged at 67%, hinting that the altcoins haven’t made any major strides.

    Indeed, against the USD, most alternative cryptocurrencies are charting either slight losses between 1%-2% or slight gains in the same range.

    Against Bitcoin, however, it appears that the market is starting to wake up as most of the altcoins are trading in the green.

    crypto_overview
    Cryptocurrency Market Overview. Source: Coin360.com

    As seen in the above chart, Ethereum is up about 2% against BTC, XRP is up about 2% as well, while BNB leads with 6% daily gains.

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.

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    Tags: Altcoins Bitcoin Bitcoin (BTC) Price
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    About The Author

    George Georgiev
    More posts by this author

    Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn

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