Bitcoin is currently down by 2.555% over the past 24 hours, trading at $69,295.04 as of the time of writing. However, it has seen a significant increase of 4.67% over the last 7 days and a remarkable surge of 145.02% over the past year. This recent rise is largely attributed to the approval of the Spot ETF by the US SEC, effective since January 2024. Additionally, there has been a notable increase in on-chain exchange volume, contributing to profit-taking.

Looking ahead, the value of Bitcoin is expected to continue rising after the Halving event. Factors such as deposits and withdrawals on exchange platforms have also played a role in the recent increase in BTC value. Bitcoin has been maintaining consolidation within the range of $64,000 to $73,000, with daily volumes peaking at $14.1 billion in mid-March. Trends are showing similarities to those observed in 2020-2021.

Spot Volume, which experienced a bear run from May 2022 to December 2022, has transformed into a bull market from January to April 2023 and again from November 2023 to April 2024. ETF flows have shown a daily average of $8.19 billion, higher than during the peak of the 2020-2021 bull run.

Spot Trade volume exceeds ETF trade volume, with Spot Trade Volume reaching $18.6 billion compared to ETF Trade Volume at $9.92 billion. Profit-taking has been observed to increase when the all-time high (ATH) is breached, particularly by long-term holders, signaling peaks in local and global markets. New investors entering the market are bringing a balance between long-term holders and demand.

All eyes are now on the Bitcoin Halving, tentatively scheduled for April 20, 2024, as the next significant event in the cryptocurrency landscape.