Bitcoin Reaches Block 800,000 as Next Halving Nears
Login

Bitcoin Reaches Block 800,000 as Next Halving Nears

Estimated Reading Time: 3 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more



Bitcoin has successfully mined its 800,000th block, leaving just 40,000 more to go before the next mining reward halving. This noteworthy achievement underscores the network’s strong security and resilience. Moreover, block height plays a crucial role in maintaining the blockchain’s chronological order, thereby enhancing its immutability.

Furthermore, block height has a direct impact on Bitcoin’s mining difficulty, which undergoes regular adjustments based on the overall computational power of the network.


Approximately every 10 minutes, the Bitcoin network generates a new block, and this frequency affects the mining difficulty every two weeks, ensuring a balance is maintained. Looking ahead, the next halving event is anticipated to take place in April 2024, signalling a reduction in the block reward to 3.125 BTC.

Historically, such halvings have been associated with significant price surges for Bitcoin and the broader cryptocurrency market.
It’s important to note that macro events have influenced Bitcoin’s price trajectory following its peak at $69,000 in 2021. Market analysts and commentators are now speculating that recent filings for Bitcoin exchange-traded funds by major asset managers such as BlackRock and Fidelity indicate a potential resurgence of institutional interest in Bitcoin.

The news of Bitcoin reaching its 800,000th block and the upcoming halving event may impact BTC’s price in various ways. The halving will reduce the supply of new BTC, potentially creating upward price pressure. Positive milestones can boost market sentiment and attract more investment.

Historically, halving events have led to price rallies. Institutional interest and market speculation can also influence short-term price movements. However, the cryptocurrency market is complex and affected by multiple factors, so caution is advised when investing in BTC.

At present, the BTCUSD pair is undergoing a retracement, pulling back from the resistance level at $31,035.0 and seeking support near the demand level at $28,149. The market has maintained a bullish trend since the start of the year, experiencing an impressive surge of nearly 100 per cent.

Bitcoin Reaches Block 800,000 as Next Halving NearsKey BTC Levels to Watch

However, as part of a normal market cycle, BTC is presently undergoing a corrective phase to regain bullish momentum. Notably, the Stochastic indicator on the daily chart indicates that the price ascent is likely to resume shortly, suggesting potential opportunities for further bullish movement in the near term.

Bitcoin Key Levels

Supply Levels: 31,050.0, 32,000.0, 36,000.0
Demand Levels: 28,500.0, 25,300.0, 20,400.0

Total Market Capitalization: $1.2T
BTC Market Capitalization: $585.0B
BTC Volume: $10.4B
Market Rank: #1

You can purchase Lucky Block here.  Buy LBLOCK

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News