Bitcoin (BTC) entered the halfway with a big downward trend and thus completed the halfway. Bitcoin, which reached the level of $ 10,000 a few days ago after the sharp decline experienced on March 12, erased many of its gains in this process.
The leading crypto asset, whose price fell more than $ 1,000 in the minutes of the weekend, then managed to touch the $ 9,000 level of psychological resistance, but at the time of the halt, Bitcoin bears took over the market and dropped the price to $ 8,200. Bitcoin, which has dropped more than 14% since Saturday, rose again at the level of $ 8,700 with the increase of volatility. As of writing, Bitcoin is trading at $ 8,644.
The price drops experienced may be due to the post-half expectations. Miners are seen as important players in the market because they are responsible for injecting new Bitcoins into the ecosystem, and now mining revenues can be reduced by 50% as the half and mining rewards are halved. Miners may also have tried to sell their assets shortly before the halfway to secure their operations, and possibly fluctuations will continue until the market calms down.
As we have already mentioned, after the previous two half-time events of Bitcoin, large price increases occurred. However, due to the different factors affecting the market in the halfway this time, the uneasiness experienced seriously affects the price of the leading crypto asset.
Although this volatility in prices disturbs many segments, according to experts, Bitcoin price will catch up again in the long term.