Bitcoin bulls experience post-halving ‘ennui’ as BTC price holds onto $62K

Bitcoin (BTC) is expected to test the lower range lows on May 8 as market analysis indicates a period of post-halving “boredom.” BTC’s price has been declining towards the range bottom, reaching $62,000 during the Asia session. Although Bitcoin experienced a rebound beyond $65,500 a few days ago, a subsequent 5% retracement has kept BTC/USD within a range that has been established since before the weekend. The daily close at around $62,300 puts BTC/USD at risk of losing more of its recent gains. Experts warn that any daily close below $62,100 or extended inactivity could trigger a stop-loss. Traders express frustration at the lack of clear direction since the halving in mid-April. While some anticipate a test of support as Bitcoin approaches the lower boundaries of the range, others remain optimistic, believing that the current movements will lead to a sustained upside. In the ETF sector, there are mixed impressions of the outlook, with Grayscale pulling plans for an Ether futures ETF product, and Bitcoin ETFs experiencing net outflows after two days of inflows exceeding $500 million. It is important for readers to conduct their own research and make informed decisions when it comes to investments and trading moves.