Bitcoin (BTC) noted a low range test on May 8 as analysis complained of “boring” after the halving.
BTC price falls to the bottom of the range.
Data from Cointelegraph Markets Pro and TradingView showed BTC price momentum heading toward $62,000 during the Asian session.
Bitcoin managed a bounce above $65,500 a day ago, and a subsequent 5% retracement kept BTC/USD in a firm range from before the weekend.
With a daily close of around $62,300, BTC/USD is increasingly at risk of giving back more of its recent gains.
“A daily close below $62,100 or a prolonged period of inactivity is considered a stop loss,” said JA Maartunn, a contributor to CryptoQuant, an on-chain analytics platform. warned This is part of the market report on X (formerly Twitter) from the previous day.
Michaël van de Poppe, founder and CEO of trading firm MNTrading, expressed frustration with the lack of overall direction since Bitcoin’s block subsidy was halved in mid-April.
“Bitcoin is slowly heading towards the lower end of the range to test support.” wrote day.
“After that, it is expected that the upward trend will continue. “After the Bitcoin halving happened, boredom set in.”
The attached chart shows the levels at which a downtrend could be observed “if a correction occurs.”
Fellow trader Mustache remained bullish, arguing that the current move would result in more sustained upside as in previous halving setups.
“This is the last decline before $BTC starts the next leg,” he said. said X number of followers.
“If you look at history, it has never been any different. We are in 2017 or 2020.”
Bitcoin ETF breaks inflow trend
The upheaval in the cryptocurrency exchange-traded fund (ETF) sector has left mixed impressions about its prospects.
Related: Bitcoin Exchange Inflows Fall to 10-Year Lows After All-Time High of $74,000
As Cointelegraph reported, Grayscale, one of the new U.S. spot Bitcoin ETF operators, has scrapped plans for a futures ETF product based on Ether (ETH).
The US Bitcoin ETF recorded another day of net outflows on May 7, a notable contrast to the previous two days of inflows that topped $500 million.
Data from sources including UK-based investment firm Farside confirmed an outflow of $15.7 million.
At the same time, investment firm Susquehanna unveiled a $1.3 billion ETF portfolio.
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