Bitcoin Price Ping Pong Within Tighter Range Hinting at $8.5K Next

Published on by Cointele | Published on

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The price of Bitcoin, the top-ranked cryptocurrency by market capitalization, has seen a spike towards $10,500 before the halving took place on May 11.

The price of Bitcoin has been having problems since the halving and is currently showing more signs of weakness.

Bitcoin price is hovering inside a wide range as volatility drops.

The price of Bitcoin is stuck inside a wide range as the next chart shows.

As the halving hype is slowly fading and the market goes back to its daily rhythm, the price of Bitcoin is also stabilizing.

The price of Bitcoin moved significantly in the run-up to the event, then a pre-halving crash occurred and a new range was established.

Throughout the month, the price of Bitcoin consolidated inside a range.

As the 4-hour chart is showing, the price of Bitcoin lost the rising wedge structure and broke down.

The total market cap is again holding the $220-225 billion level as support while the price of Bitcoin is now 50% higher.

Once the price of Bitcoin isn't able to break through the $9,300 barrier, retests of the lows should be expected.

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