Bitcoin Continued to Soften After Halving with High Drops by More Than 10%


Bitcoin halved its output on May 12th, although it was sought after by investors in a short time. After failing to break through the $10,000 mark several times, coupled with the action of the old electronic wallet with bitcoin, investors’ confidence was frustrated. Bitcoin fell to $8719.67 US dollars yesterday, which is 12% lower than the halved high of $9989.55 US dollars.

Bitcoin’s recent trend is quite volatile. After halving production, it has repeatedly risen to the level of $9700 to $9800 US dollars and failed to break through the 10,000 US dollar mark. The decline from the high level is also relatively significant, ranging from 4% to 9%, selling pressure is quite heavy.

At the same time, according to the data of the cryptocurrency data platform Coinfarm, in the past 24 hours, the short positions of Bitcoin have mainly concentrated at $8725.24 and $8735.91 USD, while long positions have been mainly at $ 8740.49 and $ 8753.5 USD, reflecting the market’s market outlook for Bitcoin Not optimistic yet.

As for the bitcoin’s trend within the past 7 days, it has fallen 9.1% from the level of $9826.73 to $8936.54. As of 5:40 pm today, its price was reported at $8935.54, up 1.5% from yesterday. According to the analysis of multiple traders in TradingView, a cryptocurrency trading data platform, bitcoin has fallen below the short-term rising line and is expected to continue to bottom out.