Can we sell the BTC now?

On-chain transfer data, which measures the dollar value of Bitcoin, shows amounts below $200,000 in the last 14 days. This is far less than the $1 m...

author: Economician

published:Mar 27, 2024 16:29

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2 minutes

category:cryptocurrencies

On-chain transfer data, which measures the dollar value of Bitcoin, shows amounts below $200,000 in the last 14 days. This is far less than the $1 million-plus levels seen in 2021. However, it does not mean fewer trades or activities, as most activities now occur in ETFs. This helps some holders set their targets above $100,000.

With the resurgence of the cryptocurrency market, the Ripple court case with the SEC has once again become popular and has attracted the attention of many. While the SEC argues that crypto tokens are securities and should be governed under securities law, others argue that cryptocurrencies are digital commodities and, as such, should be governed by the Commodity Futures Trading Commission. Whether this or that, current laws are incapable of addressing digital assets, and we need new, dedicated regulations.

On Monday, XRP's chief legal officer stated that the Securities and Exchange Commission is seeking fines of about $2 billion from Ripple Labs over its allegedly unlawful sales of the cryptocurrency XRP, which negatively affected its price, causing it to fall under $0.62. Even though Ripple is set to appeal the decision in April, we now give it less chance of winning.

Considering all these conditions, we should not forget that the next Bitcoin halving is estimated to happen on April 20, 2024, when the Bitcoin blockchain reaches a block height of 840,000. The BTC block subsidy is 6.25 BTC, but it will be reduced by half (to 3.125 BTC) once the Bitcoin blockchain hits a block height of 840,000.

Halving will reduce the supply, which can usually help increase the price. Since we have it next month, sellers will have doubts about short-sell betting and case-reducing prices, which can slow down the trend pace.

From a technical point of view, a bearish flag is forming, and if the price drops below $64,000, the bearish trend can decrease to $52,000. If the reduction is rapid and the weekly candle closes below $52,000, the next level is $45,000. On the flip side, a recovery above $70,000 will open the doors for the next bull run.