With Bitcoin's third halving officially in the books, the price movement has been extremely volatile. BTC dropped from a local high of $10,067 on May 9, to a low of $8,117 the day after.
Bitcoin halvings are naturally a bullish event since the supply of total Bitcoin's is reduced. Yesterday, however, the price initiated a strong upward move, only to be rejected and drop sharply
Bitcoin’s Third Halving Complete — What Comes Next?
Updated by Kyle Baird
In Brief
- The Bitcoin price is trading inside a major support area at $8,500.
- There is resistance between $9,000-$9,200, strengthened by the 200-hour MA.
- The Bitcoin price has possibly completed a five-wave Elliott formation, and has begun a correction.
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