Crypto Price Prediction 4/22: Bitcoin Above $65k Sparks Fresh Relief Rally

Crypto Price Prediction:

Following the completion of the fourth Bitcoin Halving, the cryptocurrency market witnessed a resurgence of bullish momentum as Bitcoin regained its value above $65,000. This upswing promotes local bottom formation for major coins and recuperates momentum for the post-halving rally.

However, as Coingape mentioned in a previous analysis, the Bitcoin price often takes some time before leading to a sustained uptrend. Thus, crypto investors should exercise patience and use this period to strategize their investments.

The imminent release of the U.S. first-quarter GDP and March PCE data is being closely monitored, with the latter being a significant inflation indicator for the Federal Reserve. As highlighted by Wu Blockchain, there is a high probability (96.3%) of interest rates remaining unchanged at the upcoming FOMC meeting on May 1st. Market participants are eagerly anticipating these figures as they can heavily influence the Fed's monetary policy direction.

Bitcoin (BTC)

Bitcoin (BTC), the original cryptocurrency, remains the pioneer of blockchain technology. Its decentralized nature, powered by a secure and transparent ledger system, enables peer-to-peer transactions without the need for a central authority.

Over the past seven weeks, the BTC price has been trading sideways within two converging trendlines on daily charts. Amid the recent halving, the coin price rebounded from the $60,000 psychological support to $65,790, registering a 10% upswing.

Bitcoin's current market cap stands at $1.294 trillion, while the 24-hour trading volume is recorded at $24.6 billion. IntoTheBlock reports that the BTC price is at a potential support level, with 1.66 million addresses having bought at an average of $64,800. This could signify a key demand zone, providing strong support amid market dips.

However, for buyers to gain better confirmation on recovery, they must break the triangle's upper boundary.