Bitcoin Hits Highest Price Since the Halving

Bitcoin ( BTC ) has reached its highest price since the April halving event, reaching $67,422 before experiencing a slight dip. Over the past week, the cryptocurrency has risen by more than 9% and is currently priced at $66,750. Despite dropping after the halving, Bitcoin ( BTC ) has been steadily increasing in value, although it is still below its all-time high of $73,737.

Bitcoin ( BTC ) dropped following the halving, a quadrennial happening baked into the coin's code, though experts told Decrypt that was to be expected. A combination of factors including geopolitical turmoil, cooling hype surrounding the new spot exchange-traded funds (ETFs), and investor uncertainty surrounding the Federal Reserve's next moves caused the virtual asset to nosedive down to under $57,000 last month.

The Bitcoin ( BTC ) halving took place late on April 19 in the United States and led to miners having their rewards cut in half from 6.25 BTC to 3.125 BTC for each block they process. The idea is that the event will make it more difficult to make new virtual coins as time goes on. Four halvings have now taken place, and after about a year following each one, the coin has typically risen in price.

Bitcoin's rise this year has mostly been thanks to new investors putting money into the asset via the new spot ETFs, which were approved in January. The investment vehicles have been massively popular, receiving billions of dollars in inflows.

The Bitcoin ( BTC ) price has continued its bullish move today while crossing the brief $67,000 mark over the last 24 hours, as investors seem to have shifted focus on the crypto. Meanwhile, a flurry of market pundits also attribute the current surge in the BTC price to the notable inflow of the U.S. Spot Bitcoin ETF.

The Bitcoin ( BTC ) price has gained notable traction since last year, as evidenced by a rally of over 145% over the last 12 months. Notably, the hype and approval of the U.S. Spot Bitcoin ETF seem to have bolstered the confidence of the cryptocurrency sector so far this year.

Technical Outlook
Bitcoin's ( BTC ) price is down 0.38% as of the time of writing trading at $ 66,774.74. The Daily price chart of Bitcoin ( BTC ) depicts a bullish flag pattern and a further move to the $72k level will accentuate the bullish flag pattern.