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

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.

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?

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