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Bitcoin price today again fell back to $62,000, and altcoins are once again painted red. How long will this last? These movements, now tiresome to investors, have become annoying. Since March 20, the market downturn initiated by ETF sales has been ongoing. We have reached this point today due to the Fed‘s announcements and the SEC’s latest actions.
When Will Cryptocurrencies Rise?
BTC price quickly returned to $65,000, leading investors to believe the downturn had ended. However, the subsequent decline in BTC price shows that escaping this narrow range may not be possible in the short term. The daily close around $62,300 indicates the bulls’ failure to maintain higher levels.
J. A. Maartunn, publishing evaluations on the on-chain analysis platform CryptoQuant, wrote the following the other day;
“Any daily close below $62,100 or prolonged inactivity could be a significant signal for stopping losses.”
Michael Poppe is experiencing disappointment. He wrote the following about Bitcoin (BTC), which remains indecisive about its direction since the halving;
“Bitcoin is slowly moving towards the lower bounds of the range for a support test. After this, it seems likely we will continue the upward struggle. Boredom has set in since the Bitcoin halving.”
Bitcoin Price Predictions
There are market experts who remain optimistic. One of them is a popular cryptocurrency commentator known by the pseudonym Moustache. In his latest assessment, he wrote that the current movements are not much different from previous halving performances.
“BTC’s last drops before starting the next stage… I think we are experiencing the final drops. If you look at the historical data, you will understand what I mean. There’s not much difference from 2017 and 2020.”
On the other hand, there are many negative factors feeding this month. Robinhood became the latest crypto-related company to suffer the wrath of the SEC. Bitcoin ETFs saw a net outflow on May 7, contrary to the previous two days’ entries exceeding $500 million. This week’s good news, however, was that investment firm Susquehanna held a $1.3 billion ETF reserve. BTC was trading at $62,400 at the time this article was prepared.
