Cryptocurrencies

Bitcoin (BTC) challenged $60,000 support at the daily close on May 10, where…

Bitcoin (BTC) challenged $60,000 support at the daily close on May 10, as the classic post-halving “danger zone” sparked the interest of bulls.

BTC/USD one-hour chart. Source: Trading View

BTC price gives up gains of over $60,000

Data from Cointelegraph Markets Pro and TradingView showed Bitcoin price intraday lows of $60,190 on Bitstamp.

The sudden drop thwarted attempts to maintain levels around $63,000, with explanations varying on the motive behind it.

“The monthly opening has been overrun again as well as taking out the monthly buyers. “If the bulls want to go higher and want to break this downtrend, here it is,” popular trader Scio wrote in part of his report. Latest market coverage On X (formerly Twitter) after the bulk of the downside.

“Specifically the main area where the bulls can play is $60.8K-$61K (which also happens to be the lower range).”

Bitcoin (Btc) Challenged $60,000 Support At The Daily Close On May 10, Where...
BTC/USDT liquidity chart. Source: Physical Indicators/X

Commenting on the events, physical indicators of trading resources indicated that high-volume institutional players may be at work.

“Speculation that some institutional entities may not want to see a Bitcoin hack over the weekend while the BTC ETF market is closed,” X’s post read in part.

The accompanying chart showed order book liquidity at the largest global exchange, Binance, including a new block of around $62,500, which Material Indicators predicted could rise after the weekly close.

“I wouldn’t be surprised in the least if this sell wall moves lower to push the price lower. “I also wouldn’t be surprised if we see the ceiling pull back after the W candle closes on Sunday,” the post continued.

The “danger zone” ends with Bitcoin’s weekly close

to update His view of Bitcoin price behavior after support halving last month Meanwhile, popular trader and analyst Reckitt Capital called for a pause in the current weakness.

Related: Ethereum “Speculative Divergence” Sees Ethereum Price Clinging to $3K Support

BTC/USD tends to decline in the weeks following the halving event, and this “danger zone” has now come to an end.

At the end of April, Rekt Capital predicted a major bearish spell for Bitcoin within a two-week period – something that eventually came true in the form of a trip to two-month lows at $56,500.

“Bitcoin’s downside is already sinister under the low reaccumulation range just like it was in 2016. Therefore, in price terms, the purple ‘danger zone’ has been met after the halving,” he said that day.

“In terms of time, the ‘danger zone’ officially ends in two days.”

Bitcoin (Btc) Challenged $60,000 Support At The Daily Close On May 10, Where...
Bitcoin/USD comparison. Source: Reckitt Capital/X

This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.

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