Bitcoin (BTC) Price Drops Below $60,000 as Post-Halving “Danger Zone” Spooks Bulls
Bitcoin (BTC) faced a major challenge as it dipped below the $60,000 support level on May 10, causing concern among investors. The drop came as the cryptocurrency struggled to maintain levels around $63,000, with some attributing the decline to institutional players manipulating the market.
Popular trader Skew highlighted the importance of the $60.8K – $61K range for bulls to regain control and break the downtrend. Meanwhile, trading resource Material Indicators suggested that a large-volume institutional entity may have been behind the sudden drop, possibly to prevent a breakout over the weekend when the BTC ETF market is closed.
The post-halving “danger zone,” which typically sees Bitcoin prices drop in the weeks following the event, is now coming to an end. Analyst Rekt Capital predicted a period of downside for Bitcoin after the halving, which materialized with a drop to two-month lows of $56,500. However, he believes that the worst may be over as the danger zone officially ends in two days.
Despite the recent volatility, it is important to note that this article does not contain investment advice or recommendations. Investors should always conduct their own research before making any trading decisions.
