With just two days remaining in the Bitcoin halving “danger zone,” the price of BTC is revisiting the $60K mark
The latest analysis confirms that Bitcoin has nearly completed its primary price drawdown phase following April’s halving.
Bitcoin (BTC) tested the $60,000 support level at the close of May 10th, signaling concern among bulls as the post-halving “danger zone” unfolded.
BTC relinquished gains above $60,000, hitting intraday lows of $60,190 on Bitstamp, after a sudden drop dashed hopes of maintaining levels around $63,000. The reasons behind this decline remain uncertain.
Popular trader Skew noted in their latest market analysis on X (formerly Twitter) that the monthly open had been surpassed, and monthly buyers were wiped out, emphasizing the critical range for bulls to act is between $60.8K – $61K.
Some speculate that significant institutional players might be influencing the market dynamics, particularly concerning Bitcoin’s potential breakout over the weekend while the BTC ETF market is closed.
Material Indicators highlighted a new block of liquidity around $62,500 on Binance’s order book, suggesting the possibility of a downward push in price, especially after the weekly close.
Updating his perspective on BTC price behavior post-halving, renowned trader and analyst Rekt Capital declared an end to the current weakness. BTC/USD typically experiences declines in the weeks following a halving event, and this “danger zone” is now nearing its conclusion.
In late April, Rekt Capital accurately forecasted a significant downside for Bitcoin within a two-week period, materializing in a drop to two-month lows around $56,500.
He indicated that while Bitcoin had indeed dipped below the Re-Accumulation Range Low as predicted, satisfying the purple “Post-Halving Danger Zone” in terms of price, the official end of this period is in two days.
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