Bitcoin worries investors
Bitcoin’s long consolidation continues and is increasingly worrying investors as it remains near the bottom of its range. However, Satoshi’s piece was halved on the weekend of April 20-21. The event has apparently not yet had the expected effects on the price of the asset, which is currently trading at $60,885, down 8.95% since the midpoint.
Bitcoin’s correction has accelerated over the past two days. According to data collected on CoinMarketCap, the price of BTC fell by 5.25% in 48 hours. Data from Coinglass shows that on April 30, the market liquidated nearly $100 million in just 4 hours.
The launch of Bitcoin and ETH spot ETFs on the Hong Kong stock exchange on April 30 was a disaster. While traders were hoping for a buying volume of nearly $125 million, Asian exchange ETF products received only $11 million of that amount. In addition to this occasional painful circumstance for the crypto market, investors remain on hold due to the Federal Reserve’s decision on a possible interest rate cut.
Even with the correction, one cannot really speak of an advantage for the bears, because as trader Decentrader sums up very well, Bitcoin is still in a phase of uncertainty.
To go further: Bitcoin Prediction 2024/2025/2030
Beware of the danger zone
Although Bitcoin is currently at an uncertain crossroads, experts warn of the need to guard the danger zone. Analyst Rekt Capital on X mentioned that Bitcoin is in the post-halving danger zone. However, this is not the first time that the Satoshi currency has found itself in this situation, which is rather encouraging.
“In 2016, Bitcoin produced a long bearish wick of -11% around 21 days after the halving before bouncing back up. We are currently 11 days past the halfway mark. But the 2016 story suggests that if downside volatility around the green horizontal level of the reaccumulation zone is to occur in this cycle…”
Depending on what happened in 2016, we shouldn’t rule out the possibility of Bitcoin falling towards $60,600. On the other hand, overall, Rekt Capital remains bullish.
Moral of the story: Even if Bitcoin jumps a dangerous line, you shouldn’t sell the skin of a bear until you’ve killed it!
Disclaimer
Disclaimer: In accordance with The Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased information, but market conditions may change without notice. Always do your own research and consult with an expert before making any financial decision.