Bitcoin (BTC) News Today: Robust Demand After Halving Spurs BTC Price Outlook

“The high $128 cost to send Bitcoin is an indicator of success, not failure. On the other hand, this high fee is a negative as it deters usage and future adoption. In the same way, a restaurant that is too crowded is both an indication of success AND contributes to a negative customer experience.”

The US Economic Calendar

As investors consider the demand side of the supply-demand equation, US economic indicators could impact buyer appetite for BTC.

On Tuesday (April 23), the US Services PMI will draw investor interest. Economists expect the S&P Global Services PMI to increase from 51.7 to 52.0 in April. Better-than-expected numbers could further reduce investor bets on a September Fed rate cut. A more hawkish Fed rate path may pressure buyer appetite for riskier assets.

Technical Analysis

Bitcoin Analysis

BTC remained comfortably above the 50-day and 200-day EMAs, confirming the bullish price trends.

A BTC break above the $69,000 resistance level would support a move toward the March 14 all-time high of $73,808.

On Tuesday, investors should consider US economic indicators, the Fed rate path, and BTC-spot ETF market flow data.

Conversely, a BTC drop below the 50-day EMA and the $64,000 support level could give the bears a run at the $60,365 support level.

With a 14-Daily RSI reading of 52.12, BTC may return to $70,000 before entering overbought territory.