Originally published on: May 10, 2024
Bitcoin made a swift return to $63,000 recently, but the elusive $60K mark still remains out of reach as the cryptocurrency struggles to gain momentum. With overhead liquidity surpassing $100 million, BTC/USD spiked to local highs of $63,876 before entering a consolidation phase.
Despite a dip below $61,000 and strong US unemployment data failing to boost Bitcoin’s performance, trading indicators suggest a buildup of ask liquidity near the current price range. Material Indicators highlighted a concentration of liquidity between $63,000 and $65,000, totaling over $100 million for the day.
Analysts predict potential support levels at the historical consolidation range of $58,000 to $60,000, with the 21-week simple moving average acting as a critical level at $56,127. Should Bitcoin experience another downward slump, $52,000 could come into play, representing a 30% correction from its all-time high.
Despite the uncertainty, popular trader Rekt Capital remains optimistic, noting that Bitcoin is holding the Range Low as support following recent market fluctuations. In light of April’s block subsidy halving, analysts suggest that Bitcoin’s current performance mirrors past trends, indicating a possible shift in sentiment.
While this article provides insights into Bitcoin’s recent price movements, it does not offer investment advice. As with any investment decision, readers are advised to conduct their research before taking action. Stay updated on the latest market trends by subscribing to our newsletter for critical insights and investment opportunities. Subscribe now to make informed trading decisions every Monday.
