56239 October, 21, 09:47:36 PM

Bitcoin breaks past $72,000 for the first time in a month ahead of halving

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Bitcoin Breaks the $72,000 Barrier Ahead of Halving


Bitcoin (BTC) has made a significant surge, reaching $72,650 on Monday. This marks its highest level in nearly four weeks and triggers the liquidation of over $55.72 million in short positions. The cryptocurrency is experiencing a bullish rally just 10 days before the highly anticipated Bitcoin halving, an event that has historically fueled further price gains.

Bitcoin's Rally

  • Bitcoin climbed to a high of $72,650, its first peak above $72,000 in four weeks.
  • The daily increase of 4% is attributed to the approaching Bitcoin halving.
  • The halving, scheduled for April 18, typically results in price increases followed by a correction within 90 days.

Mass Liquidation in Derivatives Market

  • Bitcoin's rally triggered a mass liquidation of short positions in the derivatives market.
  • Traders who bet against Bitcoin lost approximately $55 million in the last 24 hours.
  • Long position holders gained nearly $11 million during the same period.

Meme Coin Rally

  • Alongside Bitcoin's rise, meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), Dogwifhat (WIF), Pepe (PEPE), and Floki (FLOKI) experienced double-digit gains.
  • These speculative assets have surged alongside Bitcoin but have also faced corrections during Bitcoin's declines.

Institutional Capital Inflow

  • Data from Farside Investors reveals that institutional capital inflow into Blackrock's IBIT ETF has reached almost $15 billion since its inception.
  • This milestone coincides with Bitcoin's recent gains and may contribute to its bullish momentum.

Historical Context

  • Previous Bitcoin halvings have led to price increases in the days leading up to the event.
  • Corrections typically occur within 90 days after the halving.
  • If history repeats itself, similar trends may be observed this time round.

Impact on Meme Coins

  • Bitcoin's gains have a ripple effect on meme coins.
  • DOGE, SHIB, WIF, PEPE, and FLOKI have all risen in value during Bitcoin's rally.
  • Experts consider meme coins to be a significant component of the 2024 Bitcoin bull market.

Additional Information

  • Institutional investment and retail adoption continue to drive Bitcoin's growth.
  • The halving event is anticipated to attract further interest in Bitcoin.
  • Market analysts and investors will be closely monitoring Bitcoin's price movements leading up to and following the halving.

Table: Bitcoin ETF Inflow

Date Inflow (USD)
March 2023 $5 billion
April 2023 $7 billion
May 2023 $3 billion
Total $15 billion


Bitcoin's surge past $72,000 ahead of the halving is a testament to the cryptocurrency's growing momentum. The liquidation of short positions and rally of meme coins further underscore the bullish sentiment in the market. However, investors should approach the halving event with realistic expectations, as historical patterns may not always repeat themselves. Nevertheless, the upcoming halving is expected to be a significant catalyst for Bitcoin and the broader cryptocurrency ecosystem.

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