<p>The post <a href="https://coinpedia.org/price-analysis/bitcoin-under-62k-warns-a-10-crash-next-week/" rel="noopener noreferrer nofollow">Bitcoin Under $62K Warns A 10% Crash Next Week?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>With almost $90 million in long liquidations, the Bitcoin price is evidently under high bearish pressure, dropping by 4.44% in 72 hours. Further, this drop showcases an amplified bearish wave transcending to the altcoins sector.&nbsp;</p>
<p>With almost a 15% drop in April 2024, the BTC price marks the first bearish month after August 2023. The price drop in the highly anticipated month of Bitcoin Halving expresses a healthy correction for a prolonged uptrend to an optimistic eye.&nbsp;</p>
<p>Will this pullback and the rising volatility around the $60,000-$62,000 support zone end the uptrend for Bitcoin? Or is the <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" rel="noopener noreferrer nofollow">Bitcoin price prediction</a> of reaching the $100,000 milestone come true?</p>
<h2 class="wp-block-heading" id="h-btc-price-performance">BTC Price Performance</h2>
<p>The biggest cryptocurrency with a market cap of $1.213 Trillion, Bitcoin trades at $61,516 and a 6.63% 7D return. With a massive market cap, Bitcoin dominates 53.50% of the crypto market. Hence, any move in the BTC price trend leads to an amplified move in the altcoins sector.&nbsp;</p>
<figure class="wp-block-image"><img decoding="async" width="1600" height="796" src="https://image.coinpedia.org/wp-content/uploads/2024/05/09134357/image-205.png" alt="" class="wp-image-299535" srcset="https://image.coinpedia.org/wp-content/uploads/2024/05/09134357/image-205.png 1600w, https://image.coinpedia.org/wp-content/uploads/2024/05/09134357/image-205-300x149.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/05/09134357/image-205-1024x509.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/05/09134357/image-205-768x382.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/05/09134357/image-205-1536x764.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/05/09134357/image-205-150x75.png 150w" sizes="(max-width: 1600px) 100vw, 1600px">
</figure>
<p><a href="https://www.tradingview.com/x/gBbsJUUn/" rel="noopener noreferrer nofollow">Tradingview</a></p>
<p>During April’s downfall, the BTC price trend shows an intense pullback, breaking under the support trendline. The short-term bullish reversal last weekend led to the retest.&nbsp;</p>
<p>With a post-retest reversal, Bitcoin price is starting another dip and tests the bullish dominance at the $62,000 demand zone. Currently, the BTC price trades at $61,482 with an intraday move of 0.49%.&nbsp;</p>
<p>While the reversal shows an increase in supply, the daily RSI line reflects a potential bullish comeback around the corner. After a reversal from the oversold boundary, the RSI line trends close to the halfway line.&nbsp;</p>
<h2 class="wp-block-heading" id="h-bitcoin-etfs-slowdown-drys-btc-uptrend">Bitcoin ETFs Slowdown Drys BTC Uptrend</h2>
<p>On May 8, 2024, the Bitcoin ETFs witnessed a minor net inflow of $11.5M, dominated solely by the Bitwise ETF ($BITB). Despite this, the overall activity within the 10 major US Bitcoin ETFs, including Grayscale ($GBTC), remained largely stagnant, indicating a pause in momentum.</p>
<h2 class="wp-block-heading" id="h-surprisingly-funding-rates-are-bullish">Surprisingly, Funding Rates Are Bullish</h2>
<p>The Bitcoin derivatives market currently exhibits a bullish sentiment, underscored by a funding rate of 0.0032813, where long position holders are the majority. This is complemented by a taker buy/sell ratio favoring buyers (0.52036968), suggesting strong buying pressure that could drive prices upwards.</p>
<p>Open interest in the market has increased by 3.78% over the last week to $14.48 billion, indicating growing liquidity and volatility. However, the higher rate of long liquidations, amounting to $21.31 million, indicates potential over-optimism among traders. Thus, it highlights a cautiously optimistic market but not without risks.</p>
<h2 class="wp-block-heading" id="h-80-of-bitcoin-hodlers-are-waiting-for-profits">80% of Bitcoin HODLers Are Waiting For Profits</h2>
<p>Bitcoin’s historical active addresses analysis by profitability reveals a vast financial gap among holders. Only about 20% of addresses, totalling 83.57k, are “In The Money.” This suggests a relatively small segment is making money at the current market price.</p>
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="353" src="https://image.coinpedia.org/wp-content/uploads/2024/05/09134253/image-204-1024x353.png" alt="" class="wp-image-299533" srcset="https://image.coinpedia.org/wp-content/uploads/2024/05/09134253/image-204-1024x353.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/05/09134253/image-204-300x104.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/05/09134253/image-204-768x265.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/05/09134253/image-204-1536x530.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/05/09134253/image-204-150x52.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/05/09134253/image-204.png 1689w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>Conversely, the rest of the majority, almost 80% of HODLers, are still waiting for profits. Specifically, 6.11% of addresses, or 25.89k, are “Out Of The Money,” and 74.66% of addresses, which translates to 318.42k, are “At The Money.”</p>
<h2 class="wp-block-heading" id="h-conclusion">Conclusion</h2>
<p>The overall volatility in the market is rising, with Bitcoin struggling near the $60,000 support zone. With the ongoing pullback, the downside risk is high, with support levels of $60,000 and $57,000 under threat.&nbsp;</p>
<p>However, a bullish survival above $60,000 could prolong the prevailing uptrend and surpass the $65,000 mark.&nbsp;</p>

Bitcoin Under $62K Warns A 10% Crash Next Week?

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