Bitcoin post-halving: Trading range between $ 8,500 and $ 10K

The reward per mined block is now 6.25 BTC. It is imperative for the mining industry that the resale price on the market hold its major technical supports.

Key technical factors of the article:

• The Bitcoin halving has taken place, the compensation per mined block is 6.25 BTC from now on. For the mining industry, the resale price on the market must maintain its upward trend.
• From a technical point of view, the bitcoin price is trapped between the extreme resistance at $ 10K and the strong support at $ 8500.

It's done ! The third halving in BTC history took place yesterday and the reward per mined block is now 6.25 BTC. Two factors come into play in the minor's remuneration, the block reward and of course, the resale price on the market.

When prices fell in mid-March, many miners found themselves in a borderline situation while the reward was still 12.5 BTC for each block mined. Mining technology has been evolving steadily, but there hasn't been a revolution for 2 months. With block compensation now halved, it is imperative to maintain the uptrend Bitcoin price since the low point established on Friday, March 13.

In the coming days, it will also be interesting to watch the indicator of the difficulty of mining. If its positive trend continues, this means that mining continues to develop in terms of power, halving will not have disrupted the industry.

In my last technical post, I introduced the adage "buy the rumor, sell the news". Profit-taking, perhaps also speculation, has been significant, but this is not a surprise in terms of technical analysis. The resistance of the $ 10,000 is of extreme dimension because it is part of the long term chart and this is the second time this year that it has produced a bearish effect on prices.

Note that the CME's future Bitcoin contract opened a bearish gap on Monday, the upper part of which is at $ 9,800. In general, the future contract ends up filling its weekly gaps.

In the end, the technical framework has not changed, the market remains in the range between the resistance at $ 10K and the first strong support at $ 8,500. Bitcoin is likely to stay there for quite some time, and the most prudent thing to do is wait for it to resolve on the basis of a daily close.

In the event of a bearish break, the target is then at $ 7,200 and if the resistance is exceeded, the target is at $ 12K.

CME future BTC contract – source TradingView