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Bitcoin price remains stable above the key support level at $66,000
Bitcoin price remains stable above the key support level at $66,000
The price of Bitcoin (BTC) has consolidated its position above the crucial $66,000 support level, leading some cryptocurrency traders to express confidence and optimism about BTC. Some even question an impending deep correction, proclaiming that a bottom has already formed locally. BTC is currently trading at $67,188, gaining 10.2% over the past 7 days and 4.73% over the past 30 days.
Pseudonymous trader, Rekt Capital, observed that BTC has already undergone a deep and prolonged correction and that the market is likely approaching the bottom. According to data from CoinMarketCap, the price of Bitcoin fell by 15%, from $66,421 on April 24 to $56,792 on May 2. However, just four days after the drop, Bitcoin price rebounded above the critical support level of $65,146. This pattern is seen as common during bull runs, where sudden and sharp corrections are followed by rapid recoveries.
Cryptocurrency trader Mags reported to “Market Cycle Psychology,” a popular market chart known as the Wall Street Cheat Sheet, to suggest that Bitcoin is entering the “belief” phase of the cycle. This phase is characterized by increased investor confidence in market gains.
Analysts and observers are closely monitoring the price of Bitcoin for signs of further correction, particularly following the April 20 Bitcoin halving event. Historical halving events serve as precedent for such analysis. After Bitcoin’s halving in May 2020, the price rose from $9,383 to $58,958 by May 2021. However, a month later, it underwent a 40% correction, falling to $35,484 in June.