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

Bitcoin (BTC) faced a challenge to its $60,000 support level on May 10, causing concern among investors. The drop in price resulted in BTC reaching a low of $60,190 on Bitstamp, thwarting attempts to maintain levels around $63,000. The reason behind the sudden drop remains unclear, with some speculating that institutional players may be involved. Material Indicators suggested that an institutional entity may not want Bitcoin to break out over the weekend while the BTC ETF market is closed. A chart accompanying the post showed order book liquidity on Binance, indicating a new block at $62,500 that could be lifted after the weekly close. However, popular trader Rekt Capital believes that the “danger zone” for BTC is coming to an end. BTC/USD has historically dropped in the weeks following a halving event, but Rekt Capital predicts that this downside is now over. In April, Rekt Capital accurately predicted a downturn in BTC within a two-week period, with the price reaching a two-month low of $56,500. This article does not offer investment advice and readers should conduct their own research before making any decisions.