For a while now, the market had been celebrating Bitcoin’s progress after the recent crash about a month ago. Many people believe that it bottomed and started to surge again, in preparation for the upcoming halving. However, Bitcoin has dropped again.
On April 10, after maintaining levels above $7,000 for a few days, it lost about $200 and plunged below the mark. Bitcoin had been swinging but did not swing higher than $7,410 or lower than $7,100 until today when it dropped to $6,915.
Before now, many suggested that $7,000 might become a support level for Bitcoin. However, many now think the $6,900 mark is Bitcoin’s defense point and anything lower might see the king coin falling further towards $6,000. There is however a support level at $6,500.
The market’s total value has now dropped below $200 billion, currently around $196 billion. Also, currently trading at $6,871, it has lost over 5% in the last 24 hours.
As the halving approaches, many believe that Bitcoin will spike as expected, after the event. Google Trends has shown that there is a significant increase in the number of search queries for the event. The information also shows that this increase has been steady since 2018, and somewhat mirrors the event from the last halving in 2016.