Bitcoin

Material

Rekt

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/recent-trends-in-bitcoins-market-performance" rel="noopener noreferrer nofollow">Recent Trends in Bitcoin’s Market Performance</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/bitcoin-faces-pressure-amidst-grayscale-sell-off-and-etf-developments" rel="noopener noreferrer nofollow">Bitcoin</a> regained momentum, hitting a notable $63,000 level on May 10, with liquidity surpassing $100 million. This rebound in Bitcoin’s <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank">price</a> occurred despite persistent lows the previous night, even as U.S. unemployment figures were released. The cryptocurrency managed to achieve a high of $63,876 at centralized exchanges before stabilizing.</p>
<h2 id="market-reactions-and-futures-analysis">Market Reactions and Futures Analysis</h2>
<p style="text-align: justify">Analysis from Material Indicators revealed that futures <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank">market</a> order books are showing significant sell liquidity just above the spot price, mainly in the range between $63,000 to $65,000. Material Indicators suggest that the outcome typically favors the side with denser liquidity in these trend-internal skirmishes.</p>
<h2 id="insights-on-potential-support-levels">Insights on Potential Support Levels</h2>
<p style="text-align: justify">Keith Alan from Material Indicators extended his analysis to potential fallbacks if Bitcoin’s price were to dip further. He highlighted that while the $60,000 mark shows scant bid liquidity, the $58,000 level might offer a sturdy base, potentially signaling a bullish sentiment temporarily.</p>
<h3 id="concrete-user-inferences">Concrete User Inferences</h3>
<ul style="text-align: justify">
 <li>Significant sell liquidity indicates potential resistance above the $63,000 level.</li>
 <li>Observations at $58,000 and $60,000 levels are crucial for predicting short-term price stabilization.</li>
 <li>The 21-week SMA at $56,127 plays a critical role in maintaining current price levels.</li>
</ul>
<p style="text-align: justify">Alan further stressed the importance of the 21-week simple moving average (SMA), which sits at $56,127, positing that a dip below this could see <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank">prices</a> drop to around $52,000. He also noted the responsiveness of market sentiment to price movements, suggesting a possible sentiment shift if the price falls below $58,000.</p>
<p style="text-align: justify">In summary, popular analyst Rekt Capital noted that despite recent price volatility, Bitcoin is maintaining its lower range as support. Accompanying data suggests that this year’s block subsidy halving event has mirrored patterns observed in previous cycles, without introducing fundamental shifts.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/recent-trends-in-bitcoins-market-performance" rel="noopener noreferrer nofollow">Recent Trends in Bitcoin’s Market Performance</a></h5>

Recent Trends in Bitcoin’s Market Performance

목차

BH NEWS

2024년 5월 10일에 게재된 다른 기사

4 Cryptocurrencies Poised for Market Surges This Week

Top Celebrities Who Don’t Support Crypto Market

Magic Eden Leads NFT Market, Surpasses Blur by $108 Million

Harvest Targets Chinese Market with Bitcoin ETFs

Elon Musk’s XAI Startup Nears $18 Billion Valuation In Funding Frenzy

South Korean Bitcoin Craze Wanes, Shrinking the ‘Kimchi Premium’

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!