Bitcoin (BTC) price consolidated its position just above the key support level of 65,000

Bitcoin (BTC) price has consolidated its position just above the major support level of $65,000, and cryptocurrency traders believe that its price formation remains strong. Some even question predictions of a deep correction in the near future.

“Bitcoin is holding the price so strong that I don’t think there will be a deep correction,” the pseudonymous “Yoda” cryptocurrency trader told his 49,000 followers on May 18.

Meanwhile, cryptocurrency trader alias React Capital noted that a significant correction event has already occurred, with Bitcoin’s price falling 15% from $66,421 on April 24 to $56,792 on May 2, according to CoinMarketCap data.

“We’ve had a deep correction, we’ve had a long correction, and when you have a combination of the two, the bottom is always very close,” Rekt declared in a recent X post.

Bitcoin is up 8.95% over the past 30 days. Source: CoinMarketCap

Although just four days later, on May 6, Bitcoin price rebounded above the critical support level at $65,146, a trend that some traders consider common during bull periods.

“Normal corrections in Bitcoin’s bullish rallies are usually sharp, fast nukes with a quick bounce,” cryptocurrency commentator Starpost explained in a May 18 post.

Mags, the cryptocurrency trader, pointed to a typical market chart paper, “The Psychology of the Market Cycle,” released by Wall Street, to note that Bitcoin is “entering the belief phase” of the cycle — where investors start to be more confident in market gains.

Bitcoin (Btc) Price Consolidated Its Position Just Above The Key Support Level Of 65,000
Source: Mug

Analysts and observers are closely watching the price of Bitcoin for signs of further correction, especially since the Bitcoin halving event on April 20, relying on previous halving events as precedent.

After Bitcoin’s halving in May 2020, its price rose from $9,383 to $58,958 by May 2021. However, just one month later, it saw a 40% correction, falling to $35,484 in June.

Related: Bitcoin Analysis Sees $74K Next as BTC Price Tries to Hold 7.5% Gains

Although some analysts believe that there is no point in scrutinizing the Bitcoin price chart until it crosses the $70,000 level near its all-time high again.

On May 17, Quantum Economics founder Matty Greenspan explained to Cointelegraph that “breakouts are what’s sexy, so until we get a breakout, chart analysis will be pretty much useless.”

“Forget all the short-term price action,” added a cryptocurrency trader who goes by the pseudonym PlanC.

magazine: What do cryptocurrency market makers actually do? Liquidity or manipulation

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