Key Points
- Bitcoin (BTC) struggles to maintain $60,000 support as post-halving danger zone unnerves investors.
- Institutional players may be influencing Bitcoin’s price movements, as per Material Indicators.
Bitcoin’s price wavered near the $60,000 mark as the post-halving “danger zone” unsettled investors.
The intraday lows for Bitcoin hit $60,190, disrupting attempts to sustain levels near $63,000.
The reasons behind this sudden drop are varied.
Market Observations
Skew, a renowned trader, stated that the monthly open has been swept again and monthly buyers have been taken out.
He suggested that if bulls want to break this downtrend, the key area to watch is between $60.8K and $61K.
Material Indicators, a trading resource, speculated that large-volume institutional entities might be influencing Bitcoin’s price.
They suggested that some institutional entities might not want Bitcoin to breakout over the weekend while the Bitcoin ETF market is closed.
Bitcoin’s Future
Material Indicators also highlighted an order book liquidity on Binance, the largest global exchange, with a new block around $62,500.
They predicted that this block could be lifted after the weekly close.
Rekt Capital, a popular trader and analyst, noted that Bitcoin’s price tends to drop in the weeks following a halving event.
He suggested that this “danger zone” is now coming to an end.
Last month, Rekt Capital predicted a significant downside for Bitcoin within a two-week period, which was realized with a drop to two-month lows of $56,500.
