RATE Group | Market Wrap: Bitcoin’s Price Is Rising Despite a Dull Halving
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Market Wrap: Bitcoin’s Price Is Rising Despite a Dull Halving

13 May Market Wrap: Bitcoin’s Price Is Rising Despite a Dull Halving

Posted at 02:04h in Bitcoin News by

Bitcoin’s price is starting to make gains after what turned out to be a rather dull halving event. With daily active bitcoin addresses at the highest level since 2018, interest in bitcoin could be heading even higher.

The world’s first cryptocurrency is now trading above its 10-day and 50-day moving averages, a bullish technical indicator. This reversal comes after a huge 10% drop in price on May 10 that led to bearish sentiment ahead of the bitcoin halving, which occurred May 11 at 19:23 UTC (3:23 p.m. ET). At press time, bitcoin (BTC) was trading up 1% over 24 hours at $8,829.

btcmay12
Bitcoin trading on Coinbase since May 10
Source: TradingView

While the halving was pretty much a non-event for most traders, many are keeping an eye on various bitcoin-related statistics beyond price. Difficulty, which determines how demanding it is for mining machines to mine a bitcoin block, is one example. 

“Definitely looking forward to seeing what the next difficulty adjustment is,” post-bitcoin halving,…

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