Bitcoin’s current price action is “hardly a surprise” given the extraordinary bullish action leading up to the fourth halving.
The Bitcoin (BTC) price has sharply declined over the past few days, which might have triggered some concerns from those who thought Bitcoin would surge after its fourth halving.
The price of Bitcoin has dropped 11% since the fourth Bitcoin halving, which occurred on April 20, at 12:09 am UTC.
On the halving date, Bitcoin traded around $64,000. In the immediate aftermath of halving, Bitcoin saw a short rally, topping above $67,000 on April 22. But since then, Bitcoin has been gradually selling off, tumbling below $57,000 on May 1, according to CoinGecko data.
