BTC price stuck around $62k.
Bitcoin (BTC) saw a test of lower territory on May 8, as analysts complained of “boredom” at the halving.
BTC price has dropped to the lower range.
Data from Cointelegraph Markets Pro and TradingView showed BTC price momentum heading towards $62,000 during the Asian session.
Bitcoin was able to retrace 65,500 days ago, and the next 5% retracement BTC/USD has been firmly in place since before the weekend.
With the daily close, around $62,300, BTC/USD is at risk of extending its recent gains.
“Any daily or long-term inactivity that closes below $62,100 is considered a stop-loss,” warned JA Maartunn, promoter of on-chain analysis platform CryptoQuant, in a coverage of XMarkets a day ago.
Michael van de Pop, founder and CEO of mTrading, expressed frustration with the lack of overall direction after Bitcoin's block grant was halved in mid-April.
“Bitcoin will slowly move towards the lower bounds for a test of support,” he wrote on the day.
“After that, it looks like we're going to keep going up. After the Bitcoin halving happened, it started to get boring.
The accompanying chart shows steps to look down if a “correction occurs”.
Fellow businessman Musta argued that current activities should bring about more sustainable change in post-partition configurations than in the past.
“The last bears before $BTC starts its next leg imo,” he told X followers.
“If you look at history, it has never been different. Are we in 2017 or 2020?
Bitcoin ETFs income stream trend
The upheaval in the crypto Exchange-Traded Fund (ETF) sector has created mixed perceptions of the outlook.
RELATED: Bitcoin Revenue Falls to 10-Year Lows After $74K All-Time High
As reported by Cointelegraph, Grayscale, one of the new spot Bitcoin ETF operators in the United States, has released plans for an Ether futures ETF.
US-based Bitcoin ETFs saw another day of net inflows on May 7, compared with $500 million in inflows over the previous two days.
Sources including the UK-based investment company Farside confirmed that $15.7 million had been withdrawn.
At the same time, investment firm Susquehanna unveiled a $1.3 billion ETF portfolio.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
