Bitcoin‘s price experienced a test of its range lows on May 8, with the cryptocurrency sector marked by a general sentiment of “boredom” following the recent halving event.
The price of Bitcoin (BTC) sagged towards $62,000 during the Asia session, as data from Cointelegraph Markets Pro and TradingView revealed.
This marked a retreat from a brief rebound that had seen BTC surpass $65,500 just days before, followed by a 5% retracement that entrenched it within a trading range established prior to the weekend.
The closing price for the day hovered around $62,300, positioning BTC/USD perilously close to forfeiting more of its recent gains.
According to J. A. Maartunn, a CryptoQuant analyst, “Any daily close below $62,100 or prolonged inactivity counts as a stop-loss,” highlighting the precarious position of the market.
Michaël van de Poppe, CEO of MNTrading, voiced his frustration over the stagnant market movement since the halving in mid-April, stating, “Bitcoin slowly proceeds towards the lower boundaries of the range for a test of support,” and added, “After that, it seems likely we’ll continue the upwards grind.
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“Boredom has started since the Bitcoin halving took place.”
The commentary was mirrored by fellow trader Moustache, who remained optimistic about future prospects, noting that these movements are typical precursors to a more substantial rally.
“The last dips before $BTC starts the next leg imo,” he observed, likening the current patterns to those seen in 2017 and 2020.
“Concurrently, the exchange-traded fund (ETF) sector for cryptocurrencies experienced a mix of reactions.
Following the report of significant inflows exceeding $500 million in previous days, Bitcoin ETFs in the U.S. recorded a day of net outflows on May 7, totaling $15.7 million.
This was a stark contrast and highlighted the volatility and uncertainty prevailing in the market.
Furthermore, Grayscale, a major player in the space, retracted plans for an Ether futures ETF product, signaling potential shifts in strategic focus or market sentiment.
These developments illustrate the complex dynamics at play in the cryptocurrency markets, where investor sentiment can quickly shift, influenced by regulatory actions, market movements, or broader economic factors.
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