As Bitcoin enters its final week before the highly anticipated halving event, social media buzz surrounding the topic has reached its highest level of the year, peaking at 9 PM UTC.

This surge in discussion is often viewed as a signal of high confidence price reversals for cryptocurrency markets. 

However, given the relatively flat nature of the markets recently, the impact of this spike may be limited.

As #Bitcoin has now drawn to its final week before the #halving, social dominance toward the topic has peaked at its highest level of the year at 9pm UTC. The spikes in this topic should be received as high confidence price reversals for #crypto markets. Markets have been… pic.twitter.com/U2dOujjhLj

— Santiment (@santimentfeed) April 12, 2024

Traders and investors are advised to closely monitor Bitcoin’s price movements in the coming days, particularly if it approaches or teases All Time High levels. High mentions of the halving during such periods could indicate a fear of missing out (FOMO) sentiment, potentially signaling a temporary top in prices. 

Conversely, if prices begin to retreat towards the $67K mark and a spike in halving discussions occurs, this could be interpreted as a sign of fear, uncertainty, and doubt (FUD), presenting a buying opportunity for confident investors.

Recent Data Shows Bitcoin ETF Net Inflow Goes On The Positive Note 

Recent data from Spotonchain reveals insights into Bitcoin’s market activity, with the Bitcoin ETF net inflow for April 11, 2024, totaling +$91 million. While this represents a slight drop of 26.6%, the net inflow remains positive overall. 

Notably, both BlackRock iShares Bitcoin Trust ($IBIT) and Grayscale Bitcoin Trust ($GBTC) experienced significant increases in single-day inflow and outflow, demonstrating heightened activity compared to previous days.

$BTC #ETF Net Inflow Apr 11, 2024: +91M!

• The net inflow slightly dropped by 26.6% but still remains positive.

• Both #BlackRock iShares Bitcoin Trust $IBIT and #Grayscale Bitcoin Trust $GBTC dramatically increased their single-day inflow and outflow by ~6 times from a… pic.twitter.com/DmxinPb6Um

— Spot On Chain (@spotonchain) April 12, 2024

Additionally, the Bitcoin Relative Realized Profit has peaked at 1.8%, indicating that 1.8% of the market cap was locked in as profit over a 7-day period. While this figure is significant, it is notably lower than the profit-taking intensity observed during the January 2021 rally, which reached 3.0%.

As the market reclaimed the 2021 cycle high, the #Bitcoin Relative Realized Profit peaked at 1.8%, suggesting 1.8% of the market cap was locked in as profit over a 7-day period.

This is significant but remains comparatively lower than the profit-taking intensity during the… pic.twitter.com/iNhN9cHXU3

— glassnode (@glassnode) April 11, 2024

As the cryptocurrency market navigates the final days before the halving event, traders are advised to remain vigilant and responsive to changing market dynamics, utilizing available data and insights to inform their investment decisions.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Image Source: sinenkiy/123RF // Image Effects by Colorcinch

---

Filed under: Bitcoin - @ April 12, 2024 11:13 pm