Compass Investments

Crypto vs. Dollar

📌 Two days left before bitcoin halves the “danger zone”, BTC price hits $60K again

According to Cointelegraph Markets Pro and TradingView, the intraday low for the BTC price was $60,190 on Bitstamp. Bitcoin

– According to Cointelegraph Markets Pro and TradingView, the intraday low for the BTC price was $60,190 on Bitstamp.

The sudden drop derailed attempts to hold around the $63,000 level, with explanations as to why vary.

As with the monthly buyers, the monthly opening has passed again. In his latest market review on X (formerly Twitter), popular trader Skew wrote that after the bulk of the decline, “if the bulls want upside and want to break this downtrend, it’s here.”

Specifically, the key area where the bulls need to do something is at $60.8K-61K (also the low of the range).

As for what’s going on, trading resource Material Indicators suggested that institutional investors with large trading volumes may be at work.

“We speculate that some institutional investors may not want to see bitcoin breakout over the weekend while the BTC ETF market is closed.” reads the “and X” part of the post.

The attached chart shows the liquidity in the order book of the world’s largest exchange, Binance, including the new block at around $62,500.

It wouldn’t surprise me at all if this wall of resale moves in a direction that pushes prices down. I also wouldn’t be surprised if there is a roof pullback after the W candle closes on Sunday,” the post goes on to say.””

Popular trader and analyst Rekt Capital, which updated its views on BTC’s price trend after halving blockchain subsidies last month, meanwhile called time for the current weakness.

The BTC/USD exchange rate has been declining for weeks following the halving of subsidies, and that “danger zone” is coming to an end.

In late April, Rekt Capital predicted a significant drop in bitcoin within two weeks, which eventually came true in the form of a drop to a two-month low of $56,500.

Bitcoin actually fell below the lows of the re-accumulation range, as it did in 2016.” Thus, from a price perspective, we have reached the ‘danger zone’ colored purple after hullification.” On the same day, he stated.

“But in terms of timing, the ‘danger zone’ officially ends two days later.”

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