Bitcoin distribution 'danger zone' over, analysts say

Bitcoin’s post-halving "danger zone" is over as Bitcoin establishes a firm footing above the $60,000 re-accumulation range, new analysis suggests.With Bitcoin rising above the current re-accumulation range of approximately $60,000, the post-halving danger zone may be over, according to popular crypto analyst Rekt Capital. He wrote in a May 6

“History did repeat because in this cycle Bitcoin produced a -6% downside wick below its respective Range Low in the 15 days after the Halving. Bitcoin has since rebounded strongly to the upside… The Bitcoin Post-Halving"Danger Zone" is over.” Outflows from the 11 United States spot Bitcoin exchange-traded funds have contributed to Bitcoin’s correction. The U.S. ETFs recorded their highest week of outflows since launch, with nearly $900 million in net cumulative outflows over the past week, according toInterestingly, data suggests that long-term holders at the $70,000 price have finished selling to new investors.

However, Bitcoin could remain subdued in the short-term, due to concerns over inflation and dampened expectations for rate cuts, according to Mithil Thakore, the CEO of Velar, a Bitcoin-native liquidity protocol. Thakore told Cointelegraph:

Source: Digital Coin News (digitalcoinnews.net)

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