May 23, 2024
Bitcoin price today

Bitcoin Price Today is $62,343, Bulls Suffer Post-Halving ‘Boredom’

Wednesday, May 08, 2024: Bitcoin Price Today is $62,343, experienced a downturn on May 8, with analysts attributing it to post-halving ‘boredom’. The cryptocurrency, trading around $62K, eyed a test of range lows.

According to data from TradingView, BTC’s price momentum dipped to $62,000 during the Asia session. Despite a rebound beyond $65,500 days earlier, a subsequent 5% retracement left BTC/USD firmly within a range established before the weekend.

BTC/USD 1-hour chart. Source: TradingView

The daily close, around $62,300, increased the risk of Bitcoin giving back more of its recent gains. J. A. Maartunn, a contributor to the on-chain analytics platform CryptoQuant, emphasized the significance of a daily close below $62,100 or prolonged inactivity as a stop-loss.

Mixed Sentiment Amidst Bitcoin’s Direction

Michaël van de Poppe, founder and CEO of trading firm MNTrading, expressed frustration at the lack of overall direction following Bitcoin’s block subsidy halving in mid-April. He noted Bitcoin’s slow approach towards the lower boundaries of the range for a test of support, referring to post-halving ‘boredom’.

“After that, it seems likely we’ll continue the upwards grind. Boredom has started since the Bitcoin halving took place.”

BTC/USD chart. Source: Michaël van de Poppe

While some traders remained optimistic, anticipating a more sustained upside, others voiced concerns about the crypto exchange-traded fund (ETF) sector’s upheaval. Grayscale, a major player in the sector, pulled plans for an Ether futures ETF product in the United States. Meanwhile, U.S.-based Bitcoin ETFs experienced net outflows on May 7, contrasting with prior days’ inflows exceeding $500 million.

ETF Sector Dynamics and Investment Trends

Data from sources like United Kingdom-based investment firm Farside confirmed outflows of $15.7 million from Bitcoin ETFs, while investment firm Susquehanna disclosed an ETF portfolio worth $1.3 billion. The dynamic nature of the ETF sector and its impact on Bitcoin’s price trajectory remained a focal point for investors and analysts alike.

Bitcoin ETF flows (screenshot). Source: Farside

Bitcoin’s current price movement and the broader market sentiment reflect ongoing shifts in investor behavior and institutional participation, indicating continued interest and potential volatility in the cryptocurrency landscape.

Image by frimufilms on Freepik

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