Bitcoin is up by an impressive 14% from the lows placed last Monday but has found resistance at the 2022 highs on its way toward $50,000.

Despite this, traders are still incredibly bullish for the number-one-ranked cryptocurrency’s future, believing the Bitcoin block halving will push $BTC beyond its all-time-high price.

With the block halving imminent, traders are also positioning themselves into a stake-to-mine ecosystem, capable of delivering significant returns following the block halving.

Bitcoin Finds Resistance at 2022 Highs – Pullback Coming Or More Gains?

Bitcoin has found resistance at the 2022 highs as it makes its way toward $50,000.

The cryptocurrency started its first retracement in months following the official launch of the BTC ETF but found support at the 100-day MA to rebound.

Last week, it continued to break above a short-term symmetrical triangle, allowing the cryptocurrency to surge by 15% and reach the 2022 highs at $48,285.

At the time of writing, the market has stalled since hitting this level as traders start to expect a short-term pullback;

Looking ahead, if the buyers break the resistance at the 2022 highs, the first level of higher resistance lies at $50,000.

This is followed by resistance at $52,146, $52,900 (1.414 Fib Extension), $55,400, $57,000 (1.618 Fib Extension), and $58,350 (Feb 2021 highs).

On the other side, the first support lies at $47,000. This is followed by $46,000, $44,750 (Feb 2022 resistance), $45,450, and $42,000 (Jan 2021 highs).

Bitcoin Block Halving Narrative Driving Scarcity Narrative

Bitcoin has continued to push higher this week as the block-halving scarcity narrative drives optimism.

The Bitcoin block halving is now just an estimated 66 days away, and traders are positioning themselves ahead of the event to capitalize on any price pumps.

The block halving will slash the Bitcoin block reward from 6.25 BTC per block to just 3.125 BTC, reducing the number of newly minted coins entering the market.

As a result, traders believe that the huge demand for Bitcoin following the SEC’s ETF approval will cause a period of scarcity within the market following the halving, leading to much higher prices.

What Tokens Can Be Directly Impacted From The Halving?

It’s not just Bitcoin prices that the block-halving event will directly