Bitcoin (BTC) saw a 2.38% increase on Sunday, reversing a 0.44% loss on Saturday. As a result, Bitcoin closed the week with a 6.19% gain, reaching $71,383. Notably, last month’s Bitcoin rally witnessed a 17.40% surge following February’s impressive 42.80% ruse. Year-to-date, Bitcoin (BTC) has marked an impressive 67% increase. 

As the Bitcoin Halving event fast approaches, the price dynamic continues to be driven by supply and demand factors. As indicated by the Bitcoin Halving countdown, there are 20 days and 20 hours remaining until the highly anticipated halving event. 

Nate Garci, President of ETF Store, shared his thoughts on the Bitcoin halving event and the performance of the spot BTC ETF market in the first quarter.

“There are approx. 1.3million bitcoin left to be mined (ever)… Will take until 2040 for that to happen. Spot bitcoin ETFs have accumulated a net 200k+ bitcoin in less than 3mos. Wild.”

Heading up to the Bitcoin halving event, it is important to consider both the Federal Reserve’s interest rate trajectory and the flow of spot Bitcoin ETF data. The spot Bitcoin ETF market remained inactive on Friday, leaving investors awaiting reactions until today when they could respond to the Personal Income and Outlays Report and statements from Fed Chair Powell.

Should the spot Bitcoin ETF market experience a decline in net inflows or record overall net outflows during the session, BTC could be more sensitive to US economic indicators throughout the week. 

Meanwhile, after reclining the $70,000 level last week, the Bitcoin (BTC) price has remained stagnant, trading within a narrow range spanning from $69,400 to $71,442. Attempts to push the price higher have been hampered by supply congestion near the upper boundary of this range, as depicted in the accompanying daily chart. 

At this time of writing, Bitcoin is down by 1.11%, trading at $69,481.40. Therefore, if Bitcoin’s price goes bullish, it will ascend from its current position to challenge the resistance presented by the upper boundary of $71,442. A daily candlestick close above this level would confirm an exit from consolidation, potentially pushing BTC toward its current ATH or even hitting a new ATH.