Bitcoin‘s price recently approached the $60,000 support level as it faced the post-halving “danger zone,” causing concern among investors.
On May 10, data from Cointelegraph Markets Pro and TradingView highlighted Bitcoin’s intraday lows reaching $60,190 on Bitstamp.
The cryptocurrency experienced a sharp decline from around $63,000, sparking varied speculations about the cause of this drop.
Trader Skew, discussing the market dynamics on X (formerly Twitter), pointed out, “Monthly open has been swept again as well monthly buyers taken out.
If bulls want higher & want to break this downtrend its here imo,” indicating a critical juncture for Bitcoin bulls around the $60.8K to $61K range, which he identifies as a key area for potential bullish action.
Material Indicators, a trading resource, suggested that large-volume institutional players might be influencing the market, speculating, “that some institutional entity may not want to see Bitcoin breakout over the weekend while the BTC ETF market is closed,” reflecting concerns over market manipulation during off-hours.
An analysis of the order book on Binance showed a new sell block around $62,500, which was predicted to possibly adjust post-weekly close.
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Material Indicators further speculated, “I won’t be the least bit surprised if this sell wall moves lower to push price down.
“I also won’t be surprised if we see a roof pull after the W candle closes on Sunday,” suggesting potential strategic moves in the market.
Rekt Capital, a popular trader and analyst, updated his views on Bitcoin’s behavior post-halving.
He noted that the typical price drop following a halving event was nearing its end, marking a close to the “danger zone.”
He recalled his prediction from the end of April about a significant downturn, which materialized as Bitcoin fell to two-month lows at $56,500.
Reflecting on the market’s response, he concluded, “Bitcoin indeed downside wicked below the Re-Accumulation Range Low just like in 2016.
Thus price-wise, the Post-Halving ‘Danger Zone’ purple has been satisfied,” yet he also noted, “Time-wise however, the ‘Danger Zone’ officially ends in 2 days.”
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