Bitcoin price battle intensifies as $60K support is tested
- Bitcoin is facing a crucial test as it nears the $60K price support level.
- BTC price volatility may increase with the appearance of a $100 million liquidity cloud.
- Traders are closely watching Bitcoin's movements as it approaches key levels.
Bitcoin is looking for money to start the week at around $60,000. This week could be a time when the crypto market is very changeable. Bitcoin supporters have a lot at risk, even though the market has been staying in the same range. The market has hinted at a bigger drop, and traders are getting ready for what might happen next. Data shows that there hasn't been much change in Bitcoin's price towards the end of the week. Experts think that if Bitcoin keeps steady, it might go even higher to around $64,000 to $67,000. This week, some important economic data will be released, like the Consumer Price Index on May 14. This data could really affect Bitcoin's price. A well-known trader mentioned that there is still strong support for Bitcoin's price. Before that, on May 14, there will be other important data released, like the Producer Price Index for April. Also, the head of the Federal Reserve will be speaking publicly. The market is very sensitive to what the head of the Federal Reserve says about future policies. Some experts believe that long-term holders of Bitcoin are trying to get more coins now because the price is low. They plan to sell these coins when the market is doing very well. Even though this happens in cycles, more and more Bitcoin is being held by long-term holders. The funding rates for cryptocurrencies have gone back to normal levels after being very high in February and March. This shows that the market is not as heated as before. Bitcoin's price dropped below $60,000 but then went back up to $63,000. This happened even though the US job numbers were good. There was a lot of selling happening just above $63,000, which made it hard for the price to go higher. If the price stays above $58,000, it could go even higher. A lot of people are now buying Bitcoin at $58,000, which shows that people are feeling more positive about the market. Overall, Bitcoin's price is stable for now, and it seems to be following a similar pattern to what happened after previous halving events.