Bitcoin to recover above the 21-period SMA?

Bitcoin bulls have managed to post a moderate rebound after suffering a loss on the higher-than-expected ISM manufacturing PMI (50.3 vs 48.4 expected) has tumbled the investors appetite for riskier assets.

BTC is now trading in between 21-period (key resistance level) and 50-period SMA, with the latter set to provide support if the Bitcoin bears try to regain control.

The potential offload of 30000 Bitcoins (~$1.9 billion) by the US government has also contributed to the downward pressures.

However, the highly anticipated halving event, scheduled for April 20 may provide support to the largest cryptocurrency and even to the crypto industry as whole.

Any positive news in favor of the sooner interest rate cuts in the US may too play in favor of Bitcoin as lower interest rates may translate into investor’s higher appetite for riskier including crypto assets.

On the ETF’s side despite the recent fall in net flows in BTC spot ETFs, the cumulative trading volume for these instruments has reached it’s record high of $187.48.