Bitcoin eyed a test of range lows on May 8 as analysis complained of post-halving “boredom.”
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.”
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.”
Bitcoin ETFs ditch inflow trend
Upheaval in the crypto exchange-traded fund (ETF) sector produced mixed impressions of the outlook.
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.
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.
At the same time, investment firm Susquehanna disclosed an ETF portfolio worth $1.3 billion.
