Bitcoin price 60K

YEREVAN ( — Bitcoin’s recent price action has brought it close to a critical juncture. According to the analysis by Rekt Capital, Bitcoin has entered the “Post-Halving Re-Accumulation Range,” a phase historically marked by increased volatility. This comes shortly after a decline from its March high of $75,000, pushing it below the psychological support level of $60,000.

"Bitcoin Post-Halving Analysis 2024" - Source: Rekt Capital
Bitcoin Post-Halving Analysis 2024 – Source: Rekt Capital

Simultaneously, analysis from @52kskew reveals that a persistent spot buyer on Coinbase has been absorbing sell pressure, suggesting an undercurrent of buying interest at these lower price levels. If this buying pattern continues, it could be pivotal in preventing further declines.

Coinbase Spot Buyer Activity" - Source: Skew
Coinbase Spot Buyer Activity – Source: Skew

Could Bitcoin Reclaim $60,000?

The sentiments about Bitcoin’s future price are mixed. The Wolf of All Streets pointed out a potential bullish pattern, noting a “perfect theoretical bull flag” on the daily chart, indicating a possible rebound from the 100-day moving average. This is a classic bullish signal that might suggest upward movement if Bitcoin can maintain its current support level, reclaiming $60,000 in the process.

Bull Flag Pattern in BTC Chart" - Source: The Wolf of All Streets
Bull Flag Pattern in BTC Chart. Source: The Wolf of All Streets

However, contrasting views from Cold Blooded Shiller and Satoshi Flipper emphasize caution. Cold Blooded Shiller mentioned that failing to stay above $62,500 could lead to a significant correction, suggesting a possible drop to as low as $52,000. Satoshi Flipper echoed this sentiment, noting another test of the bull flag support, hinting at uncertainty about upward momentum.

Bull Flag Test on BTC Chart" - Source: Satoshi Flipper
Bull Flag Test on BTC Chart – Source: Satoshi Flipper

Global Market Influences

The debut of the Hong Kong-listed spot Bitcoin and Ether ETFs adds another layer to the market dynamics. Despite a modest start with just over $10 million in trading volume, Eric Balchunas from Bloomberg Intelligence highlighted the relative success considering the smaller size of Hong Kong’s market compared to the U.S. This international interest could play a role in stabilizing or even boosting Bitcoin’s price if the ETFs attract more attention.

ETF Performance Comparison: East vs. West" - Source: Eric Balchunas
ETF Performance Comparison: East vs. West – Source: Eric Balchunas

Strategic Insights for Investors

With conflicting indicators and market reactions, Bitcoin investors’ strategy remains complex. John Glover from Ledn suggests that any dips into the mid-to-low $50,000 range should be seen as buying opportunities, indicating the potential for recovery. Yet, seasonal trends analyzed by K33 Research warn of lower activity and prices during the summer months, which could affect short-term trading strategies.

Investors should stay alert and track Bitcoin’s support above $60,000 during May. This threshold will likely dictate Bitcoin’s mid-year path. Effective navigation through this volatility requires focusing on technical indicators and global market sentiments.

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