Bitcoin (BTC) failed to break the key $50,000 resistance level despite breaking above the $48,000 level earlier this month. BTC saw its recent losses before the Mid-Halving on April 11 when it failed the critical test where it was expected to stabilize above the $50,000 level.
If Bitcoin had broken the resistance level, it would have broken the cycle of price weakness caused by the Mid-Halving. However, the token's price dropped below the $42,000 level, raising concerns about the start of another bear market.
Last week, on-chain analytics platform Santiment announced its key Mid-Halving event scheduled for April 11. In the last two cycles, BTC price reached an ATH after 518 days and then entered a deep correction after failing to break the key resistance level. However, Santiment said that this time around, the Bitcoin cycle could be different, as the number of addresses is significantly higher.
Recently, whales continue to accumulate Bitcoin and investors are more mature. Unfortunately, the current BTC price trend seems to follow previous historical patterns as the price dropped below the $42,000 level. Moreover, Bitcoin failed to stabilize even above the strong resistance level of $45,000. Therefore, it seems unlikely that the BTC price will rise above $50,000 this week or month, according to analysts. Therefore, the price is expected to surpass the next support level of $37,000 soon.
If Bitcoin price fails to rise above the $37,000 level, it will enter a bear market. According to CoinMarketCap, the price of Bitcoin (BTC) has dropped about 10 percent in the last week and about 3 percent in the last 24 hours. Price action changed to the downside from the $47,000 level and the current price was traded at $42,244. Also, the BCT price is under pressure due to the upcoming Fed rate hike due to rising inflation and the cryptocurrency market correlation with the Nasdaq 100 index. Both traded briefly below their 50-day moving averages today.