Bitcoin hits 19 month high

Traders and analysts note that Bitcoin is now in a difficult situation - it was the level of $44,000 that the first cryptocurrency has not been able to overcome several times since the beginning of 2021. However, now the position of the “bulls” may be stronger - many are talking about the possible approval of spot Bitcoin ETFs, in addition, the next halving is getting closer.

After the sharp rise in the Bitcoin price, the volume of liquidations of short positions in the market exceeded $100 million. “Bitcoin is on its way to the levels of $48,500 or even $50,500, which it should reach before the halving. This is standard behavior for BTC in previous cycles and it looks like we will see it again. As long as the BTC rate remains above $39,000, everything is fine and the probability of a fall to $30,000 is extremely small,” says analyst Michael van de Poppe.