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/USD 1-hour chart. Source: TradingView

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.

BTC/USDT liquidity chart. Source: Material Indicators/X

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.

Phemex

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.

BTC/USD comparison. Source: Rekt Capital/X

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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