Bitcoin Notes $350M Bids As BTC Price Slips, What’s Next?

Coingapestaff
May 9, 2024 Updated May 29, 2025
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Highlights

  • The Bitcoin price is currently grappling to sustain above $61,000.
  • The crypto has witnessed over $350 million bids on a price lower than $61,000.
  • Crypto analysts have cautioned against a further dip in the BTC price.

Bitcoin (BTC) has been under the microscope with several analysts providing insights into its current status and potential future movements. Moreover, crypto analysts have predicted a further correction. Whilst, market traders have placed over $350 million worth of bids for a BTC price lower than $61,000.

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Bitcoin Records Substantial Bids On The Downside

In a post on X, Daan Crypto Trader, a notable figure in the crypto space, observed significant bids in the range of $59,000 to $60,000. These bids totaled $350 million. He remarked, “Some big bids appeared between $59-60K. This makes sense in terms of a price level as it’s the range low as well.”

Moreover, he expressed curiosity on how the liquidity factor will play out if the Bitcoin price dips to that level. These bids indicate buying interest in this range, hence, it could potentially lead to increased stability or even upward momentum in its price. If there is sustained buying interest at those levels, it could reinforce confidence among investors.

However, the analyst noted that these bids could be cancelled any time, making it difficult for Bitcoin to leverage the liquidity. Meanwhile, Michaël van de Poppe, another crypto analyst, emphasized the importance of BTC holding its current position. He stated, “#Bitcoin is at the range low. This is technically the area where you’d prefer to see it hold, so the upward momentum continues, and the range holds.”

Moreover, he underscored that if the Bitcoin price breaches lower, a potential correction could be seen in the $52,000 to $55,000 range. Echoing a similar sentiment, analyst Caleb Franzen noted a potential retest of support levels. He mentioned, “Bitcoin has been rejected on the H4 200 moving average cloud. Looks like another retest is coming.”

He added, “Yesterday, I said that a decline to the May 1st AVWAP range was likely in the cards and that’s exactly where price fell last night. The range is $60,140 – $60,800.” In addition, in another post, he issued a warning against the Bitcoin price falling below $59,000 again, which could lead to a further decline.

Additionally, Bitcoin recorded massive long liquidations, potentially accelerating the recent decline. According to Coinglass data, the long liquidations for BTC accounted for $24.80 million, increasing the sell pressure. On the other hand, short sellers led to a $9.14 million liquidation.

Also Read: Bitwise Bitcoin ETF (BITB) Outshines Others With $11M Inflows, What’s Next?

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Forbes Report Spotlights Bullish Projection

Despite the above-mentioned observations, a bullish outlook on Bitcoin emerged from a Forbes report. The report highlighted the BTC’s price surge of nearly 50% year-to-date and potential for further growth. The report cited comments by Geoff Kendrick, Standard Chartered’s head of FX and crypto research. He suggested a significant rise in the Bitcoin price, possibly reaching $200,000 by 2025.

Moreover, Kendrick attributed this potential surge to the growing risk of U.S. fiscal dominance and the monetization of government debt by the Federal Reserve. He stated, “We think such a scenario would be broadly supportive of digital assets as investors seek alternative assets.”

Furthermore, Kendrick speculated on the impact of a second Donald Trump administration. He noted that it could be supportive of BTC through looser regulation and the approval of U.S. Spot Bitcoin ETFs. If these factors play in Bitcoin’s favor, it could attain an enormous market valuation of $4 trillion.

Kendrick remarked, “In addition to the passive boost to bitcoin from de-dollarization, we would expect a second Trump administration to be actively supportive of Bitcoin (and digital assets more broadly) via looser regulation and the approval of U.S. Spot ETFs.” At press time, the Bitcoin price was down by 1.98% to $61,001.08 on Thursday, May 9.

Also Read: Reasons Why Bitcoin Price May Cross 70K Soon

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.