The effect of the halving could be kicking in following Bitcoin price surge above $9,500. The bullish action commenced after a breakdown to $8,100 pre-halving. Since the week started a seller congestion at $9,000 kept the bulls farther away from $10,000. However, with this break above $9,500 the focus has shifted back to the critical level.
Investors are keen on Bitcoin surge to $10,000 and towards the all-time high at $20,000. Halving saw block rewards slashed by half to 6.25 BTC. Supply is expected to reduce as less new coins join the market. At the same time, if demand remains the same, a price rally is expected. However, it is better to keep an open mind to the impact of halving as this are unusual times with the COVID-19 pandemic ongoing.
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