Bitcoin
Bitcoin price holds firm above key support level at $66K
Bitcoin price holds firm above key support level at $66K
The price of Bitcoin (BTC) has solidified its position above the crucial $66,000 support level, leading some crypto traders to express confidence and optimism towards BTC. Some have even cast doubt on an imminent deep correction, proclaiming that a local fund has already been formed. BTC is currently trading at $67,188, gaining 10.2% in the last 7 days and 4.73% in the last 30 days.
Pseudonymous trader, Rekt Capital, observed that BTC has already gone through a deep and prolonged correction, and the market is likely approaching the bottom. According to data from CoinMarketCap, the price of Bitcoin fell 15% from $66,421 on April 24 to $56,792 on May 2. However, just four days after the crash, Bitcoin price recovered above the critical support level of $65,146. This pattern is seen as common during bull runs, where sudden, sharp corrections are followed by quick recoveries.
Crypto Trader Mags referred to the “Psychology of a Market Cycle,” a popular market chart known as the Wall Street Cheat Sheet, to suggest that Bitcoin is entering the “belief” phase of the cycle. This phase is characterized by investors gaining more confidence in market gains.
Analysts and observers are closely monitoring the Bitcoin price for signs of further correction, especially after the Bitcoin halving event on April 20. The historical halving events serve as a precedent for such analysis. After Bitcoin’s halving in May 2020, the price rose from $9,383 to $58,958 in May 2021. However, a month later, it suffered a 40% correction, falling to $35,484 in June.