Bitcoin price uptrend to continue post-halving, Bernstein report says as traders remain in disarray

Bitcoin price continues to test a crucial support zone between $60,364 and $62,412, signaling a potential downtrend. Traders are eagerly awaiting the halving event, but experts predict that a rally may not occur until after the halving. Previous halvings have resulted in significant price fluctuations and bull runs in the Bitcoin market. However, the current market lull is attributed to elevated risk levels due to geopolitical tensions and the decline of exchange-traded fund (ETF) flows. Bernstein researchers expect ETF inflows to resume after the halving, leading to a continuation of the Bitcoin bull market. In Asia, there is speculation that countries like South Korea, Japan, and Singapore may approve Bitcoin ETFs following Hong Kong’s lead. As for Hong Kong, ETF trading is set to begin by April 30 and could bring in substantial capital. From a technical analysis perspective, Bitcoin price must defend the support level between $60,364 and $62,412 to avoid a potential break below $60,000. The Relative Strength Index (RSI) suggests downward momentum, while the Moving Average Convergence Divergence (MACD) and Awesome Oscillator (AO) indicators indicate a potential extension of the downtrend. Traders may consider shorting BTC in the short term or exercising caution with long positions. However, a decisive candlestick close above the support zone would signal a potential recovery, with key resistance levels at $65,276, $72,198, and the next all-time high above $74,000.