Bitcoin’s price whipsaws align with global conflict and macroeconomic concerns, but data shows investors’ halving expectations positively impacting BTC price.
Bitcoin (BTC) witnessed a sharp 6% drop on April 19, falling to a low of $59,640 in the early hours, before quickly recovering to secure support above $64,500.
This rebound was driven by the optimism surrounding the upcoming Bitcoin halving, scheduled for April 20, which typically attracts significant interest from both traditional media and spot Bitcoin exchange-traded fund (ETF) providers. This event appears to have helped with offsetting the negative impacts of broader socio-economic challenges.
During the current tumult, the geopolitical landscape adds to the market’s volatility. As tensions escalate in the Middle East, Bitcoin’s price movement seems to correlate with global events. However, a recovery was aided by reassurances from Iranian officials, who stated there were no plans for retaliation, thus soothing markets’ nerves.