Halving countdown, heavy selling pressure on Bitcoin, breaking below the $60,000 mark multiple times

Despite the upcoming halving of Bitcoin mining, the world's largest cryptocurrency by market capitalization continues to face heavy selling pressure, falling below the $60,000 mark again last night. Bitcoin has formed a complete head pattern, with heavy selling pressure in the short term. As the halving approaches, it may once again confirm the saying "Buy the rumor, sell the fact."

According to a report from The Block, there are 336 blocks remaining until the next Bitcoin halving, which is expected to occur on April 19 at 9:44 PM Eastern Time.

Yesterday, Bitcoin dropped to $59,678 as the U.S. stock market declined. With the formation of a complete head and shoulders pattern, there is significant downward pressure in the short term. As the halving approaches, it may once again confirm the saying "Buy the rumor, sell the fact," indicating that investors had already anticipated the halving effect and bought in early, leading to profit-taking selling pressure when the event actually took place, causing the price to drop.

Market analysis firm 10X Research liquidated all tech stocks and most cryptocurrencies on the 15th, as risk assets are on the verge of significant price corrections, primarily due to unexpected persistent inflation. They hope to re-enter the market at lower price levels in the future.

Selling off tech stocks and cryptocurrencies, 10X Research plans to re-enter at lower levels

BitMEX founder Arthur Hayes had already closed positions on SOL and several meme coins in early April. He believes that the halving could have a negative impact on short-term coin price trends because the market had already priced it in. Therefore, he plans to avoid the April downturn and wait to re-enter in May.

Arthur Hayes: Closed positions on SOL and meme coins, waiting to make a comeback in May