United

Bitcoin

Momentum

Optimism

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin (BTC) is testing its range lows as it struggles to maintain its previous momentum.</li>
 <li>The crypto exchange-traded fund (ETF) sector is experiencing upheaval, with mixed outlooks.</li>
</ul>
<p>Bitcoin’s price is experiencing a downturn, with a test of range lows on the horizon. The cryptocurrency’s momentum is sagging towards $62,000, following a previous rebound beyond $65,500.</p>
<h2 id="bitcoin-s-struggle-to-maintain-momentum">Bitcoin’s Struggle to Maintain Momentum</h2>
<p>The 5% retracement left Bitcoin firmly within a range that has been in place since before the weekend. The daily close, around $62,300, puts Bitcoin at risk of losing more of its recent gains.</p>
<p>A daily close below $62,100 or prolonged inactivity could trigger a stop-loss, warns J. A. Maartunn, a contributor to on-chain analytics platform CryptoQuant. Michaël van de Poppe, founder and CEO of trading firm MNTrading, expressed frustration at the lack of direction since Bitcoin’s block subsidy halving in mid-April.</p>
<h2 id="optimism-amid-downturn">Optimism Amid Downturn</h2>
<p>Despite the downturn, some traders remain optimistic. Moustache, a fellow trader, argues that the current moves should result in more sustained upside, as seen in previous post-halving setups.</p>
<p>The crypto exchange-traded fund (ETF) sector is also experiencing changes. Grayscale, one of the operators of the new spot <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> ETFs in the United States, has pulled plans for a futures ETF product based on <a href="https://crypto.ro/en/cryptocurrencies/ethereum/" rel="noopener noreferrer nofollow">Ethereum (ETH)</a>.</p>
<p>The U.S. Bitcoin ETFs experienced another day of net outflows on May 7, contrasting with the previous two days’ inflows, which exceeded $500 million. Outflows of $15.7 million were confirmed by sources, including UK-based investment firm Farside. Concurrently, investment firm Susquehanna disclosed an ETF portfolio worth $1.3 billion.</p>

Bitcoin Bull Retreat: BTC Price Sticks to $62K Amidst Halving Slump

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