Bitcoin Price Dips Toward $62K: Traders Predict Growth Amid ETF Sector Disruption
Summary:
On May 8, Bitcoin's (BTC) price momentum headed towards $62,000 after hitting over $65,500 days prior. Any daily drop below $62,100 could signal a stop-loss, according to J. A. Maartunn, a CryptoQuant contributor. Trader Michaël van de Poppe suggested Bitcoin was set to test its support levels, while another trader, Moustache, proposed that current trends could lead to consistent growth, similar to 2017 or 2020's patterns. Mixed reactions were elicited due to recent disruptions in the crypto exchange-traded fund sector.
Bitcoin (BTC) was poised for a test of its range boundaries on May 8 as commentary highlighted a post-halving slump in activity. Graphics from Cointelegraph Markets Pro and TradingView revealed BTC's price trajectory moving toward $62,000 during the Asian market hours. Bitcoin had recently experienced a surge, surpassing $65,500 before a 5% pullback solidified the currency within its current range that had solidified even before the weekend.
The day closed with BTC/USD around $62,300, heightening the risk of additional losses. Commenting on market movements on platform X, J.A. Maartunn, a contributor to on-chain analytics resource CryptoQuant, articulated that any daily closure beneath $62,100 or extended lull in activity could serve as a signal to halt trading.
Michaël van de Poppe, Founded and CEO of trading entity MNTrading, voiced his disappointment over the lack of clear trajectory following the mid-April Bitcoin block subsidy halving. He observed that Bitcoin was gradually nearing the range's lower boundaries where it would likely test its support level. His predictive chart highlighted the "correction zones" that could come into play should a price drop happen.
Another trader, Moustache, maintained a positive outlook, theorizing that the ongoing movements should yield more enduring growth, as seen in the aftermath of previous halvings. He communicated to X followers, asserting that we could be on the precipice of a 2017 or 2020-like rebound.
Mixed views were apparent in light of recent disruption in the crypto exchange-traded funds (ETFs). Cointelegraph previously reported that Grayscale, a firm that runs the newly introduced spot Bitcoin ETFs in the US, had shelved plans for a future ETF based on Ether (ETH).
May 7th saw the U.S Bitcoin ETFs experiencing another day with net outflows, which sharply contrasted with the preceding two days where inflows exceeded $500 million. Data showed outflows totaling $15.7 million, as confirmed by UK-based firm Farside. Meanwhile, Susquehanna, an investment firm disclosed an ETF portfolio valued at $1.3 billion.
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Published At
5/8/2024 11:32:12 AM
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