Bitcoin

April

Rekt

The Bitcoin&nbsp;price has cemented its position slightly above its key support level of $65,000, and crypto traders believe that its formation is holding strong. Some are even doubting the speculations of a deep correction in the near future.
“Bitcoin is holding up the price so strongly that I don’t think there will be a deep correction,” pseudonymous crypto trader Yoddha <a href="https://x.com/CryptoYoddha/status/1791820225819886029" target="_blank" rel="noopener nofollow">told</a> his 49,000 X followers on May 18.
Meanwhile, pseudonymous crypto trader Rekt Capital pointed out that the significant correction event has already happened, with the Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>)&nbsp;price falling by 15% from $66,421 on April 24 to $56,792 on May 2, per CoinMarketCap <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener nofollow">data</a>.
“We’ve had a deep correction, we’ve had a long correction, and when you have a mix of both, the bottom is always very close,” Rekt declared in a recent X&nbsp;<a href="https://x.com/rektcapital/status/1787141401542586405" target="_blank" rel="noopener nofollow">post</a>.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/06ffdfda-a867-4a55-ae9c-fcaa7f952bcf.png" alt="" title="">
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 Bitcoin is up 8.95% over the past 30 days. Source: CoinMarketCap
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However, just four days later, on May 6, Bitcoin’s price rebounded above the critical support level at $65,146, a trend some traders view as common during bull runs.
“Normal corrections in Bitcoin bull runs are usually nukes that are sharp and quick with a quick bounce back,” crypto commentator Starbust explained in a May 18 <a href="https://x.com/Starbust92/status/1791897115838292105" target="_blank" rel="noopener nofollow">post</a>.
Crypto trader Mags pointed to the typical market graphics sheet, the Wall Street Cheat Sheet’s “Psychology of a Market Cycle,” to point out that Bitcoin is “entering belief” phase of the cycle where investors start to be more confident in the market gains.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/df9f4472-7069-4fa6-abfc-6abbe984dc59.png" alt="" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/thescalpingpro/status/1791891508288954568" target="_blank" rel="noopener nofollow">Mags</a>
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Analysts and observers are closely watching Bitcoin's price for signs of more correction, particularly since the Bitcoin halving event on April 20, drawing on past halving events as a precedent.
After the Bitcoin halving in May 2020, its price surged from $9,383 to $58,958 by May 2021. However, just a month later, it experienced a 40% correction, dropping to $35,484 in June.
Related: <a href="https://cointelegraph.com/news/bitcoin-analysis-74k-next-btc-price-hold-gains">Bitcoin analysis sees $74K next as BTC price tries to hold 7.5% gains</a>
Some analysts believe there is no point scrutinizing Bitcoin’s price chart until it breaks out past $70,000 and nears&nbsp;<a href="https://cointelegraph.com/news/bitcoin-price-sets-new-record-high-69k">its all-time high again</a>.
On May 17, <a href="https://cointelegraph.com/news/bitcoin-price-analysis-is-noise-until-70k-break">Quantum Economics founder Mati Greenspan</a> explained to Cointelegraph that “it’s the breakouts that are exciting, so until we have a breakout, analyzing the charts will be pretty futile.”
“Forget all the short-term price action,” <a href="https://x.com/therealplanc/status/1791875978379366755?s=46" target="_blank" rel="noopener nofollow">added</a> pseudonymous crypto trader PlanC.
Magazine: <a href="https://cointelegraph.com/magazine/crypto-market-makers-legit-dodgy-fake-it/">What do crypto market makers actually do? Liquidity, or manipulation</a>

Bitcoin’s $66.9K price holds strong, casts doubts on a ‘deep correction’

Cointelegraph

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