Bitcoin Price Nears $65,000 as Market Activity Spikes

The cryptocurrency market has been experiencing an increase in Bitcoin price, with the digital asset nearing the $65,000 mark. Recent statements have eased geopolitical risks slightly, while concerns about new conflicts opening in the Middle East are diminishing. The spot Bitcoin ETF channel is also seeing a revival in trading volume, indicating increased demand.

BlackRock's spot Bitcoin ETF has recorded over $430 million in volume in about an hour, contributing to a 5% increase in ETF prices and promising for the coming hours. If IBIT sees strong net inflows before Asian markets open, a turnaround scenario for BTC could activate.

As of the time of writing, BTC was attempting to surpass $65,000. Meanwhile, Anthony Pompliano, a prominent investor and cryptocurrency advocate, noted that Bitcoin ( BCT ) has increased by 800% since the last halving event, outshining the minor gains made by the Gold market in the previous five years. This comparative analysis between Bitcoin and gold underscores a shift in investment preferences, particularly among those seeking assets that can withstand and capitalize on market and economic fluctuations.

In addition, Bitcoin's price of about $61,200 is still above the bank's volatility-adjusted comparison with gold and its projected production cost after the halving. The cryptocurrency has gained due to spot Bitcoin ETFs making large purchases and strategic acquisitions by investors in anticipation of the halving event, as well as concerns about the U.S. national debt and the debasement of the U.S. dollar.

However, volatility still rocks the crypto market, with the asset bouncing between $61,000 and $64,000 less than two days before Bitcoin's halving. This market fluctuation triggered more liquidations in Bitcoin positions and across the broader digital asset ecosystem, with long BTC positions suffering the biggest hit on April 18 due to the token's brief drop under $62,000.

Technical Outlook
Bitcoin ( BTC ) is trading above the 200-day Moving Average (MA) with a weak Relative Strength Index (RSI) of 43.87 giving hodlers and daily traders the opportunity to horde the asset before the long-awaited halving which is set to occur in 2 days. The monthly price chart of Bitcoin ( BTC ) shows a symmetrical triangle in the long term.