Bitcoin Halving ‘Danger Zone’ Nears End as BTC Retests $60K
Bestanews-Bitcoin Halving ‘Danger Zone’ Nears End as BTC Retests $60K Recent research reveals that Bitcoin has almost finished its primary lower price phase, which began after the halving that took place in April. This phase began after the price of Bitcoin was reduced by half. The beginning of this period coincided with the beginning of a falling price for Bitcoin.
Bitcoin Faces Post-Halving Volatility: Bulls Rattled as Support Levels Tested
On May 10, as the daily trading session came to a close, bulls were startled by the customary post-halving danger zone, which caused Bitcoin BTC$62,789 to challenge the $60,000 support level. This scared the bulls. TradingView and Cointelegraph Markets Pro both said that during the trading day, the price of Bitcoin on Bitstamp dropped to a low of $60,190. Bitcoin’s price had never been this low before. This is what we learned from the Bitstamp page. Bitstorm is where this information was found.
Because of a sharp drop, efforts to keep levels at around $63,000 failed. Over time, many theories have been put forward about what caused the sharp drop, which is what caused it in the first place. Because of the quick fall that took happened, these instances took place as a direct consequence of the decline.
The monthly open was swept again, which means that the monthly sales are no longer available. A well-known trader called Skew wrote on Twitter, If bulls want to go up and break this downtrend, I think it’s here. This tweet and the comments that went with it were included in Skew’s most recent market report on X, which used to be called Twitter. Unfortunately, this paper wasn’t written until after most of the bad effects had already happened.
Market Speculation: Institutional Players and Weekend ETF Closure Impact Bitcoin’s Movement
Material Indicators, a website for traders, wrote something about the events. In their answer, they said that big institutional players might have been involved. Speculating that some large organization might not want Bitcoin to break out over the weekend, when the BTC ETF market is closed, part of a post on X said. It is no longer possible to buy or sell Bitcoin exchange-traded funds. It is no longer possible to buy or sell Bitcoin exchange-traded funds. Binance, the biggest cryptocurrency market in the world, put up a post with a picture that showed how busy the order book was. There was also a new block on the map that was worth about $62,500.
On the chart, this block was shown. Based on all the relevant signs, there was a good chance that this block would be released after the weekly close.Moving this sell wall down will not surprise me in the least. The goal is to bring down the price. It won’t surprise me at all. The post also said, It wouldn’t surprise me if we saw a roof pull after the W candle closes on Sunday. It doesn’t surprise me at all. It’s not impossible.
Rekt Capital’s Analysis: Bitcoin’s Price Decline Reaches Conclusion Amid Post-Halving Trends
Meanwhile, the well-known trader and analyst Rekt Capital has stated that the current decrease in the price of Bitcoin has reached its conclusion. During that time, this comment was made. He changed his mind about how the Bitcoin price is changing after the half of the block payment from the previous month. He said the cost goes up and down all the time. Sometimes, the exchange rate between Bitcoin and the US Dollar goes down in the weeks after half of the Bitcoin amount is used up in an event.
The exchange rate is expected to go down after this “danger zone” ends. After only two weeks of careful consideration, Rekt Capital came to the conclusion that Bitcoin would experience a significant decline in value.People said this would happen around the end of April. This guess turned out to be right in the end, as Bitcoin dropped to $56,500, its lowest level in two months.
There is little doubt that Bitcoin has experienced a significant decline below the Re-Accumulation Range Low, with the current situation being pretty comparable to the one that took place in 2016. As a result of this, the price of the Post-Halving ‘Danger Zone’ purple has been satisfied, he stated on the day in question. This is a consequence of this decision.