Bitcoin Struggles at $60k Mark in Anticipation of Halving Event

By: Eliza Bennet

Bitcoin (BTC) experienced a downturn below $60,000 on April 17, returning to prices last seen in early March. In particular, the prominent cryptocurrency faced a low of $59,658 before a slight recovery to $60,800. With a reduced sell pressure, Bitcoin managed to hold on to the $60,500 support level, and bulls now aim for a potential recovery above $61,000.

Economic struggles, including the persisting inflationary issues in the US, have infused elements of uncertainty into the crypto market, causing these massive fluctuations. Equally, with Federal Reserve's possible delay in the anticipated rate cuts, cryptocurrencies including Ethereum (ETH) and BNB also saw a decline, mirroring Bitcoin's performance.

With the impending Bitcoin halving event, which is expected to reduce the block reward from 6.25 BTC to 3.125 BTC, investors remain watchful. Historically, such events have led to significant price movements. Given the prevailing economic and geopolitical climate, experts suggest that the characteristic crypto market volatility isn't ceasing anytime soon.