Crypto traders are struggling to hold Bitcoin price above $68,000, and altcoins are suffering as a result of BTC's weakness.
Bitcoin (BTC) witnessed profit-booking in the past few days, but the bears could not sink the price below $64,500. However, Bitcoin may come under renewed selling pressure if history repeats itself.
Crypto analyst Rekt Capital said in a X post that Bitcoin was about to enter the “Danger Zone” when it tends to correct. That period happens to be 14 to 28 days leading up to the halving, which is expected on April 20 in this cycle. In 2020, Bitcoin had fallen 20% during the said period, while in 2016, the correction was 40%.
Analysts will closely monitor the inflows into the spot Bitcoin exchange-traded funds (ETFs). If inflows remain steady during a pullback in Bitcoin, then the likelihood of the uptrend continuing remains high. However, if inflows dry up considerably, then the next leg of the uptrend may get delayed.
