Bitcoin Price Drops as Halving Event Approaches

Bitcoin Faces Selling Pressure as Reward Halving Nears

Bitcoin (BTC) faced a notable decline early Tuesday, dropping by 5.7% to $65,742, a move that startled investors as the highly anticipated reward halving event draws closer. This upcoming event, slated for April 21, is expected to slash the pace of Bitcoin's production by 50%, a critical factor that shapes the asset's value and investor strategy. Previously trapped in a week-long consolidation phase ranging between $68,000 and $72,000, Bitcoin now grapples with bearish market sentiments. Despite this, LMAX Digital suggests, "As we come into this halving event, bitcoin has just put in a fresh record high and could be less inclined to extend its record run before first going through an overdue period of correction and consolidation."