Coinspeaker
Bitcoin Price Regains $71K Less than Two Weeks to BTC Halving 2024

After consolidating in the past five weeks, Bitcoin (BTC) price has shown early signs of bullish continuation in the near term. During the early London session on Monday, Bitcoin price traded slightly above $71,000, up over 2 percent in the past 24 hours. As a result, Bitcoin price is gradually breaking out of a micro logarithmic falling trend, which could yield a rally towards a new all-time high (ATH) in the coming days.

Moreover, heightened Bitcoin demand from institutional investors has fueled macro-bullish sentiments. According to a weekly report from CoinShares, fund inflows to crypto investment products amounted to about $862 million last week.

Closer Look at Bitcoin Halving

As of this report, around 838,268 Bitcoin blocks had successfully been mined, thus leaving around 1,738 blocks to be mined until the fourth Bitcoin halving. As a result, Bitcoin miners have been leveling up their rigs to match up their mining operations. Furthermore, the Bitcoin mining difficulty will scale higher in the coming months filling the halving event.

According to on-chain data from CryptoQuant, the Bitcoin mining costs are set to double to $80k by the end of this mo...