Bitcoin Rises to $65,000 Just Hours Before Halving

Bitcoin suddenly surged to $65k, after falling to $59k just a few hours before. Strong price fluctuations occurred in the context of just a few hours left until the Halving event. BTC price has dropped below the key $60k level. This follows reports of an explosion that occurred near Isfahan, close to the Iranian city’s airport. The reports originated from FARS, a semi-official news agency in the country, citing local sources.

However, Spectator Index has now reported that a senior Iranian official said there are no immediate plans to retaliate. The market received this news positively, with Bitcoin price skyrocketing to $65k, marking an 8% recovery from the previous low.

BREAKING: Iranian official tells Reuters there are no plans for retaliating against Israeli strike

— The Spectator Index (@spectatorindex) April 19, 2024

Miner reserves before Halving

According to CryptoQuant’s latest analysis, Bitcoin miners’ reserves have dropped significantly, reaching their lowest level since April 2021. Such a trend, especially pronounced since November, often depicts selling pressure increase in crypto assets.

Another “worrying trend” is that active addresses have not kept pace with Bitcoin price increases this month. At the same time, the crypto analytics platform also observed an increase in returns among short-term Bitcoin holders, mirroring the pattern witnessed during previous market peaks.

This wave of profit realization could indicate a key turning point for its price trajectory. 2024 saw retail investors rush to discover Bitcoin ETFs in large numbers, which caused a surge that pushed the price above $74,000.

However, the subsequent downturn resulted in weekly losses of more than 15% and hundreds of millions of dollars in liquidation, leaving investors concerned. However, the upcoming wave of retail investors could align with the halving event, potentially sparking an even more significant rally for Bitcoin. More than 93% of Bitcoin has been mined, marking a major milestone as the leading crypto asset anticipates its fourth halving event, which is expected to be just a month away.