BTC price retests $60K as Bitcoin halving ‘danger zone’ enters final 48 hours

Bitcoin (BTC) faced a challenge as it dropped below the $60,000 support level on May 10, causing concern for bullish investors. The decline in price saw BTC hit a low of $60,190 on Bitstamp, disrupting attempts to maintain levels around $63,000. The cause of this sudden drop remains unclear, with some speculating that institutional players may be behind it. Material Indicators suggested that an institutional entity may not want to see Bitcoin break out over the weekend when the BTC ETF market is closed. They also predicted that a sell wall around $62,500 could push the price down further. However, popular trader and analyst Rekt Capital believes that the “danger zone” for Bitcoin, which typically occurs in the weeks following a halving event, is coming to an end. In April, Rekt Capital accurately predicted a period of downside for Bitcoin, with the price dropping to two-month lows of $56,500. It is important to note that this article does not provide investment advice, and readers should conduct their own research before making any decisions.