Bitcoin Holds Steady as Bitcoin Cash Surges Before Block Reward Halving 👀

Bitcoin‘s (BTC) price is trading above the $70,000 level, and some are warning of a potential market-wide pullback if the largest cryptocurrency loses its $69,000 support in the coming days.

While the largest cryptocurrency remains relatively quiet, the Bitcoin fork, Bitcoin Cash’s main network asset #BCH has attracted attention with an over 15% rise in the last 24 hours ahead of the planned block reward halving on April 4th.

Bitcoin’s Quiet Week Concerns Investors 🕵️

As Bitcoin approaches the end of a volatile week, it has remained relatively stable in the last 24 hours, retreating after briefly surpassing $71,000 and hovering around $70,000. The expiration of large option contracts on March 29th has led to expectations of sharp short-term price movements in Bitcoin, putting investors in a state of anxious anticipation.

Investors are particularly focused on Bitcoin’s ability to maintain its level above $69,000, which will signal whether the current uptrend will continue or a new pullback will begin.

The increase in open interest in Bitcoin Cash futures contracts indicates growing investor interest in the altcoin and leveraged positions being taken in anticipation of the expected price volatility surrounding the block reward halving. Historically, block reward halvings for Bitcoin and other cryptocurrencies have preceded bullish trends, with strong rallies following the halvings.

$BCH $BTC $STPT