Bitcoin (BTC) Price Approaches $60k Again as On-Chain Activity Reaches All-Time Low Levels

Welcome to Extreme Investor Network, where we provide unique insights and analysis on the latest trends in the stock market, trading, and Wall Street. Today, we are diving into the exciting world of Bitcoin and its recent price movements in comparison to transaction flows.

The sharp decline in Bitcoin’s transaction volume following its all-time high in March 2024 has caught the attention of market analysts. This milestone, achieved one year ahead of the expected schedule based on historical halving cycles, has led to a testing of the $60,000 support level on May 10, after a brief trip up to $63,500.

There has been speculation among traders on platforms like X (formerly Twitter) that institutional players may be manipulating the market to prevent significant breakouts during weekends when the ETF market is closed. Analysts like Rekt Capital have pointed out that Bitcoin typically experiences a dip weeks after a halving event, a period referred to as the “danger zone.” This recent price slump to $56,500 may be coming to an end, as long-term holders (LTH) are holding onto their positions, indicating a possible recovery in the near future.

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