"Bitcoin Price Stalls After Halving Event
The crypto market has been stuck in a rut since the Bitcoin halving in mid-April, with prices trading in a narrow range. Bitcoin's price has dropped 5.6% in the past week to $62,243, while major altcoins like Ethereum, Solana, and XRP are also in the red. The cumulative market cap has fallen 3% to $2.42 trillion.
The recent slowdown in Bitcoin ETF inflows has contributed to the market's dullness. After a remarkable rally to $73,837, the ETF inflows have slowed, with outflows reaching $83.61 million on April 26. The only ETF in the green is ARKB by Ark Invest and 21 Shares, with a daily net inflow of $5.43 million.
Despite the current slump, experts believe the halving event will eventually lead to a new bull market phase. With Bitcoin supply decreasing and demand increasing, prices are likely to rebound. However, the current technical picture shows no signs of an immediate bottom, with prices likely to keep dropping in May. A sudden dip in the RSI toward the oversold could spark interest in BTC shorts, adding pressure to the already weakening technical structure."
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