2024

Bitcoin

when

Rekt

<h2 id="key-points">Key Points</h2>
<ul>
 <li>The total net inflow recorded by the US Bitcoin ETFs was almost $66 million on May 13.</li>
 <li>Bitcoin is now trading near $62k.</li>
</ul>
<p>The latest data coming from <a href="https://sosovalue.xyz/assets/etf/us-btc-spot" rel="noopener noreferrer nofollow" target="_blank">SoSoValue</a> reveals that the total net inflow seen by the US Bitcoin ETFs was almost $66 million yesterday, May 13.</p>
<p>Grayscale’s Bitcoin ETF, GBTC, recorded no inflows or outflows the other day. The daily net inflow of Fidelity’s Bitcoin ETF, FBTC was $39 million, and the single-day net inflow of Bitwise’s Bitcoin ETF, BIBT was a bit over $20 million.</p>
<p>At the moment of writing this article, BTC is trading close to $62k, bouncing back up by 1% on <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow" target="_blank">CoinMarketCap</a>, following a drop in price near $61,500.</p>
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<h2 id="bitcoin-post-halving-danger-zone-officially-over">Bitcoin post-halving “danger zone”, officially over</h2>
<p>The other day, on May 13, popular crypto analyst Rekt Capital suggested via a post on his X account, that Bitcoin’s post-halving “danger zone” is officially over.</p>
<p>Yesterday, Bitcoin was able to bounce back over the important level of $62k, and the trader noted that the coin is celebrating leaving the “danger zone” with a bounce from the Re-Accumulation Range Low Support.</p>
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
 <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">#BTC</a></p>
 <p>The Post-Halving Bitcoin "Danger Zone" (purple) is officially over</p>
 <p>And Bitcoin is celebrating with a good bounce from the Re-Accumulation Range Low support<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">$BTC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">#Bitcoin</a> <a href="https://t.co/3pvWKRAqNd" rel="noopener noreferrer nofollow" target="_blank">https://t.co/3pvWKRAqNd</a> <a href="https://t.co/KRD2UNDZiT" rel="noopener noreferrer nofollow" target="_blank">pic.twitter.com/KRD2UNDZiT</a></p>
 <p>— Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1789939547700097500?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">May 13, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>This “danger zone” refers to the period following the halving event when the asset typically corrects.</p>
<p>The analyst also noted that if $65k was not the bottom for Bitcoin, this current pullback would have officially equaled the longest retrace in the cycle at 63 days. According to him, history suggests that the current pullback ended at $56k and 47 days.</p>
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
 <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">#BTC</a></p>
 <p>If $56,000 was not the bottom then this current pullback will have officially equalled the longest retrace in this cycle at 63 days</p>
 <p>History however suggests that this current pullback ended at $56000 and 47 days<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">$BTC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">#Bitcoin</a> <a href="https://t.co/OfumXZ1qHi" rel="noopener noreferrer nofollow" target="_blank">pic.twitter.com/OfumXZ1qHi</a></p>
 <p>— Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1789937629397426570?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">May 13, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>The analyst also showed his optimism, saying that BTC is showing early-stage signs of slowing down in its sell-side momentum, slowly developing a curl against the $60k support. This mark needs to continue to hold as it has been holding thus far for this curl to progress and eventually lift up, he noted in another post on X.</p>
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
 <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">#BTC</a></p>
 <p>Bitcoin is showing early-stage signs of slowing down in its sell-side momentum, slowly developing a curl against the ~$60000 support</p>
 <p>~$60000 needs to continue to hold as it has been holding thus far for this curl to progress and eventually lift up<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">$BTC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">#Bitcoin</a> <a href="https://t.co/9FGSIHrBhH" rel="noopener noreferrer nofollow" target="_blank">pic.twitter.com/9FGSIHrBhH</a></p>
 <p>— Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1789936849282117659?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">May 13, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>Bitcoin bounced near the $62 important mark again as traders are waiting for the release of <a href="https://crypto.ro/en/news/bitcoin-value-rises-in-anticipation-of-upcoming-us-inflation-data/" rel="noopener noreferrer nofollow">inflation data</a> in the United States.</p>
<p>This information could play a crucial role in determining if and when the Federal Reserve will decide to reduce borrowing costs in 2024.</p>
<p>This week, the market will get a chance for more clarity with US inflation readings in the form of the Producer Price Index (PPI) on Tuesday followed by the Consumer Price Index (CPI) on Wednesday.</p>

Bitcoin ETFs Record Almost $66M Inflows; BTC Near $62k

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