As a seasoned analyst with a background in traditional finance and a deep interest in cryptocurrencies, I find the current Bitcoin (BTC) market situation intriguing yet frustrating. The range-bound price action and the recent developments in the Bitcoin Exchange-Traded Fund (ETF) sector are worth delving into.
Bitcoin (BTC) eyed a test of range lows on May 8 as analysis complained of post-halving “boredom.”
BTC price sags toward range bottom
The data gathered from CryptoMoon Markets Pro and TradingView indicated that the Bitcoins price was picking up speed towards reaching $62,000 during the Asian trading hours.
As a researcher studying the cryptocurrency market, I’ve observed that Bitcoin had made a comeback to surpass $65,500 within the past few days. Subsequently, it experienced a 5% pullback, leaving the BTC/USD pair nestled comfortably within the pre-weekend trading range.
The price of BTC/USD reaching a daily closing point of approximately $62,300 raised concerns as it put the cryptocurrency in a potentially precarious position for losing more of its recently achieved advancements.
As a researcher studying the cryptocurrency market using the on-chain analytics platform CryptoQuant, I cautioned in a recent market update on X’s (formerly known as Twitter) feed the previous day that any daily closing price below $62,100 or extended period of inactivity could be interpreted as a stop-loss trigger.
Michaël van de Poppe, the founder and CEO of MNTrading, voiced his disappointment over the absence of clear trends in Bitcoin’s price movement since its block reward halving occurred in late April.
“On that particular day, he observed that Bitcoin was making its way towards the lower limits of its range for a potential test of support.”
“After that, it seems likely we’ll continue the upwards grind. Boredom has started since the Bitcoin halving took place.”
An accompanying chart showed levels to watch to the downside “if a correction happens.”
Moustache, another trader, maintained a positive outlook, believing that recent price fluctuations would eventually lead to longer-term gains, based on historical trends following Bitcoin halvings.
“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.”
Bitcoin ETFs ditch inflow trend
Upheaval in the crypto exchange-traded fund (ETF) sector produced mixed impressions of the outlook.
According to CryptoMoon’s latest update, Grayscale, a major player in the US market for Bitcoin Exchange-Traded Funds (ETFs), has abandoned its plans to launch an Ether futures ETF.
As a crypto investor, I’ve noticed an interesting turn of events regarding US Bitcoin ETFs. While there were significant inflows totaling over $500 million on the previous two days, May 7th saw a shift with net outflows instead.
As a data analyst, I’ve reviewed various reports, among which is the one from Farside, a UK-based investment firm. The figures indicate an outflow of approximately $15.7 million based on the information available to me.
At the same time, investment firm Susquehanna disclosed an ETF portfolio worth $1.3 billion.
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2024-05-08 11:39