Published on mei 8, 2024, 9:28 am
Image source: Fox News
```json [ "TLDR: Bitcoin shows signs of potential trend continuation but faces uncertainty on shorter timeframes. Analysts warn about risks following recent retracement. Mixed sentiments in crypto ETF sector. Article emphasizes conducting personal research before making investment decisions.", ] ```
Bitcoin, a major cryptocurrency, is currently showing signs that it may be gearing up for a trend continuation. However, on shorter timeframes, the behavior of Bitcoin’s price is not exactly inspiring confidence among traders and analysts.
On May 8th, Bitcoin was seen edging towards the lower end of its trading range following the much-anticipated halving event. Despite managing to climb above $65,500 just days before, a subsequent 5% retracement pushed BTC/USD back into a range that has been holding steady since the weekend. The daily close hovered around $62,300, indicating a potential risk of giving back more of its recent gains.
Analysts have differing views on the current situation. J. A. Maartunn highlighted that any daily close below $62,100 or prolonged period of inactivity should be considered a stop-loss signal. Michaël van de Poppe expressed frustration at the lack of clear direction post-halving and anticipated a test of support as Bitcoin moved towards the lower boundaries of its range.
While some traders remained optimistic about potential upside movements following recent dips, there were mixed sentiments in the crypto exchange-traded fund (ETF) sector. Grayscale withdrew plans for an Ether futures ETF product while U.S.-based Bitcoin ETFs witnessed net outflows on May 7 after two consecutive days of inflows surpassing $500 million.
It’s essential to note that this article does not provide investment advice or recommendations. As with any investment or trading decision, there are inherent risks involved, and it is advisable for readers to conduct their own research before making any financial moves in the cryptocurrency market.
Original article posted by Fox News
