Bitcoin managed to rise above the $65,500 level a few days ago, but this rise was not permanent and the price retreated by 5 percent.
BTC's daily close was around $62,300, making the sell-off likely to continue.
J. A. Maartunn, who posts on the on-chain analysis platform CryptoQuant, recently warned in his market newsletter that "Any daily close below $62,100 or prolonged inactivity is considered a stop-loss."
Michaël van de Poppe expressed his frustration with the uncertainty in the market since the Bitcoin halving event in mid-April.
“Bitcoin is slowly moving towards the lower bounds of the range to test support,” Poppe said.
"From now on, it seems likely that we will continue the upward grind. The boredom has set in since the Bitcoin halving occurred."
The analyst stated the downward levels to be careful about if there is a correction in the chart he shared.
Mustache, another cryptocurrency trader, remains optimistic. The analyst argued that the current movements are similar to previous halving periods and that the rise will come in the long term.
“We are also in the final declines before the next rise in BTC begins,” Mustache told his X followers.
"If you look at history, it is no different. The same thing happened in 2017 or 2020."
Colors are turning red again on Bitcoin ETFs. Activity in the crypto exchange-traded fund (ETF) sector creates mixed impressions about the future of Bitcoin.
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