Bitcoin (BTC) price consolidated its position just above the key support level of 65,000
Bitcoin (BTC) price has consolidated its position just above the major support level of $65,000, and cryptocurrency traders believe its price formation remains strong. Some even question predictions of a deep correction in the near future.
“Bitcoin is holding the price so strong that I don’t think there will be a deep correction,” the pseudonymous cryptocurrency trader “Yoda” told his 49,000 followers on May 18.
Meanwhile, cryptocurrency trader aka React Capital noted that a significant correction event had already occurred, with Bitcoin price dropping 15% from $66,421 on April 24 to $56,792 on May 2, according to data from CoinMarketCap.
“We had a deep correction, we had a long correction, and when you have a combination of both, the bottom is always very close,” Rekt said in a recent X article.
Although four days later, on May 6, Bitcoin price rebounded above the critical support level at $65,146, a trend some traders consider common during bullish periods.
“Normal corrections in Bitcoin bull rallies are usually sharp, rapid nuclear attacks with a quick rebound,” cryptocurrency commentator Starpost explained in a May 18 article.
Cryptocurrency trader Mags pointed to a typical market charting paper, “The Psychology of the Market Cycle,” published by Wall Street, to note that Bitcoin is “entering the belief phase” of the cycle – where investors start to be more confident. in market gains.
Analysts and observers have been closely monitoring the Bitcoin price for signs of further correction, especially since the April 20 Bitcoin halving event, building on previous halving events like previous.
After Bitcoin halving in May 2020, its price rose from $9,383 to $58,958 in May 2021. However, just a month later, it saw a 40% correction, falling to $35,484 in June.
about: Bitcoin Analysis Sees $74,000 Next As BTC Price Attempts to Hold 7.5% Gains
Although some analysts believe that there is no point in looking at the Bitcoin price chart until it crosses the $70,000 level again, close to its all-time high.
On May 17, Matty Greenspan, founder of Quantum Economics, explained to Cointelegraph that “breakouts are what’s sexy, so until we get a breakout, chart analysis will be virtually useless.”
“Forget all the short-term price action,” added a cryptocurrency trader under the pseudonym PlanC.
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