Bitcoin Bulls Waiting Patiently

Bitcoin Still HoldingBitcoin prices remain stalled at recent highs as we head into the weekend. Following the breakout move higher last week, bullish momentum has faded for now as traders await fresh directional cues. One reason for the current holdup is the Fed’s continued pushback against near-term rate-cut expectations. The FOMC minutes this week showed that policymakers agreed on the need to move cautiously and maintain rates at current levels for as long as possible. With this narrative in place, USD looks unlikely to breakdown near-term which should crypto upside curtailed for now.Bitcoin Halving - April 19thLooking out a little further, focus is likely to start to center around the upcoming Bitcoin halving event. Previous halving events have marked the start of significant bull phases in Bitcoin. With each event making the phenomena more entrenched, the question now is whether such upside can still materialise or whether BTC will be bid in the run up to the date and then sold into the ensuing retail demand.Bullish ViewFor now, with Bitcoin holding steady, the view remains bullish. A hawkish Fed narrative might cause more resistance near-term, allowing for a deeper correction, but longer-run, the crypto market should find steady gains through the middle of the year keeping upside in sight. Any shift by the Fed in favour of bringing easing forward will certainly fuel fresh BTC upside.Technical ViewsBitcoinThe rally in BTC has stalled for now into a test of the 53385-level resistance. With momentum studies weakening, the market is vulnerable to a correction lower here. To the downside, 48350 will be the next support to note. However, 45520 and the bull channel lows will be the key area bulls need to defend if tested.