Fun

BTC price clings to $62K as Bitcoin bulls suffer post-halving ‘boredom’

News Feed - 2024-05-08 05:05:12

William Suberg28 minutes agoBTC price clings to $62K as Bitcoin bulls suffer post-halving ‘boredom’Bitcoin may be preparing for trend continuation, but on short timeframes, BTC price behavior is inspiring no one.274 Total views11 Total sharesListen to article 0:00Market UpdateOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin (BTC) eyed a test of range lows on May 8 as analysis complained of post-halving “boredom.”BTC/USD 1-hour chart. Source: TradingViewBTC price sags toward range bottom


Data from Cointelegraph Markets Pro and TradingView showed BTC price momentum heading to $62,000 during the Asia session.


Bitcoin had managed a rebound beyond $65,500 days prior, and its subsequent 5% retracement left BTC/USD firmly in a range in place since before the weekend.


The daily close, at around $62,300, left BTC/USD increasingly at risk of giving back more of its recent gains.


“Any daily close below $62,100 or prolonged inactivity counts as a stop-loss,” J. A. Maartunn, a contributor to on-chain analytics platform CryptoQuant, warned in part of market coverage on X the day prior.


Michaël van de Poppe, founder and CEO of trading firm MNTrading, expressed frustration at the lack of overall direction since Bitcoin’s block subsidy halving in mid-April.


“Bitcoin slowly procedes towards the lower boundaries of the range for a test of support,” he wrote on the day.“After that, it seems likely we’ll continue the upwards grind. Boredom has started since the Bitcoin halving took place.”BTC/USD chart. Source: Michaël van de Poppe


An accompanying chart showed levels to watch to the downside “if a correction happens.”


Fellow trader Moustache meanwhile remained optimistic, arguing that current moves should result in a more sustained upside as in previous post-halving setups.


“The last dips before $BTC starts the next leg imo,” he told X followers.“It’s never been any different if you look at history. We’re in 2017 or 2020.”BTC/USD chart. Source: MoustacheBitcoin ETFs ditch inflow trend


Upheaval in the crypto exchange-traded fund (ETF) sector produced mixed impressions of the outlook.


Related: Bitcoin exchange inflows drop to 10-year lows after $74K all-time highs


As Cointelegraph reported, Grayscale, one of the operators of the new spot Bitcoin ETFs in the United States, pulled plans for an Ether futures ETF product.ETH/USD 1-hour chart. Source: TradingView


The U.S.-based Bitcoin ETFs saw another day of net outflows on May 7, conspicuously contrasting with the prior two days’ inflows, which passed $500 million.


Data from sources, including United Kingdom-based investment firm Farside, confirmed outflows of $15.7 million.Bitcoin ETF flows (screenshot). Source: Farside


At the same time, investment firm Susquehanna disclosed an ETF portfolio worth $1.3 billion.


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Altcoin# Ethereum# Bitcoin Price# Bitcoin ETF# Markets# Ether Price# Ethereum ETFAdd reaction

News Feed

Neon Link Announces Limited Presale Of The $NEON Token That Will Power A Thousand Blockchain Games
Neon Link Announces Limited Presale Of The $NEON Token That Will Power A Thousand Blockchain Games press release Press Release. LONDON, ENGLAND – February 2nd, 2023 – Neon Link,
Binance Suspends Direct Deposits and Withdrawals in Brazil
Binance Suspends Direct Deposits and Withdrawals in Brazil Binance announced this week that the direct withdrawal and deposits were suspended in Brazil. The exchange issued a state
Quik․com’s Limited NFT Domains Minting is Now Live
Quik․com"s Limited NFT Domains Minting is Now Live sponsored Buzzwords like NFTs, Web 3.0, and blockchain domains have infatuated everyone in the tech and crypto of late. The term
MicroStrategy S&P 500 listing ‘probably not’ coming despite stellar performance
Andrew Singer9 hours agoMicroStrategy S&P 500 listing ‘probably not’ coming despite stellar performanceInclusion could boost the industry. “Anyone that owns an S&P 500 Index fund will own Bitcoin once MSTR
A Sea Change to Crypto Hits America, Again
A Sea Change to Crypto Hits America, Again A sea change is coming to cryptocurrency in America. It is likely to hit in two separate waves: a central bank digital currency (CBDC)
Kleiman Estate Asks Judge to Overrule Craig Wright’s Objections
Kleiman Estate Asks Judge to Overrule Craig Wright"s Objections On December 16, new court filings from the Kleiman v. Wright case show the plaintiffs have responded to Wright&rsq
The Central Bank of Colombia Is Studying the Creation of a Digital Currency
The Central Bank of Colombia Is Studying the Creation of a Digital Currency The Central Bank of Colombia is studying the launch of a digital currency, according to statements made
Savannah Fortis12 hours agoMedia companies grapple with AI both inside and outside newsroomsMedia companies have been trying to navigate the rapid emergence of AI, with many banning its usage internally and others choosi
US Senators Question SEC Why Its Staff Is Quitting at Highest Pace in 10 Years
US Senators Question SEC Why Its Staff Is Quitting at Highest Pace in 10 Years Six U.S. senators have questioned the Securities and Exchange Commission (SEC) why its staff is quitt
Seasonal Tokens: Summer’s Price Rises After the Halving as Expected
Seasonal Tokens: Summer"s Price Rises After the Halving as Expected press release PRESS RELEASE.The Seasonal Tokens economy has gone through its second change of season. Like bitcoi
David Attlee57 minutes agoIRS extends comments period for new crypto tax rule to mid-NovemberThe proposed rules are supposed to come into effect in 2026, impacting sales and exchanges conducted in 2025.334 Total views3 T
LBank Exchange Will List Marhaba Network (MRHB) on February 17, 2022
LBank Exchange Will List Marhaba Network (MRHB) on February 17, 2022 press release PRESS RELEASE. INTERNET CITY, DUBAI, Feb. 17, 2022 – LBank Exchange, a global digital asset