HomeBitcoinBitcoin bulls struggle with post-halving 'boredom' as BTC price remains at $62K

Bitcoin bulls struggle with post-halving ‘boredom’ as BTC price remains at $62K

-


Bitcoin (BTC) Price Analysis: Testing Range Lows Post-Halving Boredom

The price of Bitcoin (BTC) is facing a test of range lows on May 8, with analysts noting a sense of “boredom” in the market post-halving. After a rebound beyond $65,500, BTC price momentum is now heading towards $62,000 during the Asia session, leaving the cryptocurrency firmly within a range that has been in place since before the weekend.

Analysts are warning that a daily close below $62,100 or prolonged inactivity could signal a stop-loss for Bitcoin. J. A. Maartunn, a contributor to on-chain analytics platform CryptoQuant, emphasized the importance of monitoring these levels to gauge market sentiment.

Meanwhile, traders like Michaël van de Poppe and Moustache are expressing differing opinions on the current market situation. Van de Poppe noted the lack of direction since the halving in mid-April, predicting a test of support before a potential upwards grind. On the other hand, Moustache remains optimistic, suggesting that the current dips could lead to a more sustained upside movement as seen in previous post-halving setups.

In the ETF sector, there is upheaval as Grayscale pulls plans for an Ether futures ETF product, while U.S.-based Bitcoin ETFs see net outflows on May 7 after two days of inflows totaling over $500 million. Investment firm Susquehanna disclosed an ETF portfolio worth $1.3 billion, indicating continued interest in the cryptocurrency market.

Overall, the Bitcoin market is experiencing a period of uncertainty and consolidation, with traders and analysts closely monitoring key levels for potential price movements. As the market navigates post-halving “boredom,” the next steps for Bitcoin remain uncertain.

LATEST POSTS

In its Latest Roadmap Update, Tectum Unveils Mobile App Release, Ivy Tree Consensus, and Public Blockchain TestNet

Tectum Unveils Latest Roadmap Update Featuring SoftNote Wallet Mobile App Launch Tectum Unveils Ambitious Roadmap Update, Including SoftNote Wallet Mobile App Launch Mahe, Seychelles-- Tectum, the...

Binance Receives 12.66 Million WIF from Whale Transactions as Dogwifhat Experiences 30% Decrease

Whale Deposits 12.66 Million WIF on Binance Amid Market Volatility Whale Deposits $23.4 Million Worth of WIF into Binance Amid Market Downturn In a significant move,...

CryptoQuant Analytics Firm Indicates Ethereum On-Chain Metric Could Lead to Altcoin Market Surges

Ethereum On-Chain Metric Suggests Altcoin Market Could Surge The altcoin market could be gearing up for a major price surge, as indicated by an on-chain...

Leak suggests crypto market anticipates major shift towards Biden before Trump debate, potentially causing significant price fluctuations for Bitcoin, Ethereum, and XRP

Bitcoin Price Surge Continues as Trump Declares Himself the "Crypto President" Former president Donald Trump has sent shockwaves through the cryptocurrency world by declaring himself...

Most Popular