BTC price clings to $62K as Bitcoin bulls suffer post-halving ‘boredom’

Bitcoin (BTC) eyed a test of range lows on May 8 as analysis complained of post-halving “boredom.”

BTC/USD 1-hour chart. Source: TradingView

BTC price sags toward range bottom

Data from Cointelegraph Markets Pro and TradingView showed BTC price momentum heading to $62,000 during the Asia session.

Bitcoin had managed a rebound beyond $65,500 days prior, and its subsequent 5% retracement left BTC/USD firmly in a range in place since before the weekend.

The daily close, at around $62,300, left BTC/USD increasingly at risk of giving back more of its recent gains.

“Any daily close below $62,100 or prolonged inactivity counts as a stop-loss,” J. A. Maartunn, a contributor to on-chain analytics platform CryptoQuant, warned in part of market coverage on X the day prior.

Michaël van de Poppe, founder and CEO of trading firm MNTrading, expressed frustration at the lack of overall direction since Bitcoin’s block subsidy halving in mid-April.

“Bitcoin slowly procedes towards the lower boundaries of the range for a test of support,” he wrote on the day.

“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

An accompanying chart showed levels to watch to the downside “if a correction happens.”

Fellow trader Moustache meanwhile remained optimistic, arguing that current moves should result in a more sustained upside as in previous post-halving setups.

“The last dips before $BTC starts the next leg imo,” he told X followers.

“It’s never been any different if you look at history. We’re in 2017 or 2020.”

BTC/USD chart. Source: Moustache

Bitcoin ETFs ditch inflow trend

Upheaval in the crypto exchange-traded fund (ETF) sector produced mixed impressions of the outlook.

Related: Bitcoin exchange inflows drop to 10-year lows after $74K all-time highs

As Cointelegraph reported, Grayscale, one of the operators of the new spot Bitcoin ETFs in the United States, pulled plans for an Ether futures ETF product.

ETH/USD 1-hour chart. Source: TradingView

The U.S.-based Bitcoin ETFs saw another day of net outflows on May 7, conspicuously contrasting with the prior two days’ inflows, which passed $500 million.

Data from sources, including United Kingdom-based investment firm Farside, confirmed outflows of $15.7 million.

Bitcoin ETF flows (screenshot). Source: Farside

At the same time, investment firm Susquehanna disclosed an ETF portfolio worth $1.3 billion.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.


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