Bitcoin Enters Accumulation Phase, Exiting Post-Halving “Danger Zone,” Claims Analyst
Technical analyst Rekt Capital suggests that Bitcoin has emerged from the post-halving “danger zone” and entered an accumulation phase, as indicated by weakening selling pressure.
After previous halving events, Bitcoin typically experienced increased volatility, which came to be known as the “danger zone.”
In the current cycle, Bitcoin’s price dropped by a mild 6.5% over three weeks, followed by a 15% surge, signaling a strong exit from the danger zone.
“The Post-Halving Bitcoin “Danger Zone” (purple) is officially over,” popular crypto trader Rekt Capital wrote. “And Bitcoin is celebrating with a good bounce from the Re-Accumulation Range Low support.”
#BTC
The Post-Halving Bitcoin "Danger Zone" (purple) is officially over
And Bitcoin is celebrating with a good bounce from the Re-Accumulation Range Low support$BTC #Crypto #Bitcoin https://t.co/3pvWKRAqNd pic.twitter.com/KRD2UNDZiT
— Rekt Capital (@rektcapital) May 13, 2024
As of now, Bitcoin is trading at nearly $62,600, reflecting a 3% increase in the past 24 hours.
In a recent blog post, Rekt Capital emphasized the importance of the $60,000 support level for the continuation of the upward trend, with a potential return to the $68,000 mark.
“The Bitcoin correction should be over, and price should be able to maintain itself above $60,000 going forward.”
While past trends do not guarantee future outcomes, the resilience of the current support level is a positive indicator for Bitcoin’s trajectory.
Investors will closely monitor the April Consumer Price Index (CPI) release on Wednesday, which is forecasted to be 3.4% for CPI and 3.6% for core CPI.
Inflation remains a concern, as it exceeds the Federal Reserve’s target of 2%. Unless inflation improves, interest rates may remain high
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