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Bitcoin’s $66.9K price holds strong, casts doubts on a ‘deep correction’

Bitcoin (BTC) price has consolidated its position slightly above its key support level of $65,000, and crypto traders believe its formation is holding strong. Some even doubt speculation about a deep correction in the near future.

“Bitcoin is holding the price so strongly that I don’t think there will be a deep correction,” pseudonymous crypto trader Yoddha told his 49,000 X followers on May 18.

Meanwhile, pseudonymous cryptocurrency trader Rekt Capital pointed out that a significant correction event had already occurred, with the price of Bitcoin falling 15%, from $66,421 on April 24 to $56,792 on May 2, according to data from CoinMarketCap.

“We had a deep correction, we had a long correction, and when you have a mixture of both, the bottom is always very close,” Rekt said in a recent X article.

Bitcoin is up 8.95% over the past 30 days. Source: CoinMarketCap

Although four days later, on May 6, Bitcoin price rebounded above the critical support level at $65,146, a trend some traders consider common during bull runs.

“Normal corrections in Bitcoin bull runs are usually nukes that are sharp and fast with a quick rebound,” explained crypto commentator Starbust in a May 18 article.

Crypto trader Mags pointed to the market’s typical chart sheet, the Wall Street Cheat Sheet’s “Psychology of a Market Cycle,” to emphasize that Bitcoin is “entering the belief phase” of the cycle – where investors begin to be more confident in market gains. .

Source: Mags

Analysts and observers have been closely monitoring the Bitcoin price for signs of further correction, especially since the April 20 Bitcoin halving event, building on past halving events as precedent .

After Bitcoin halving in May 2020, its price rose from $9,383 to $58,958 in May 2021. However, just a month later, it saw a 40% correction, falling to $35,484 in June.

Related: Bitcoin Analysis Predicts $74,000 Next as BTC Price Attempts to Hold 7.5% Gains

Although some analysts believe that there is no point in looking at the Bitcoin price chart until it surpasses $70,000, approaching its all-time high again.

On May 17, Mati Greenspan, founder of Quantum Economics, explained to Cointelegraph that “it’s the breakouts that are exciting, so until we have a breakout, chart analysis will be pretty futile.”

“Forget all the short-term price action,” added the pseudonymous crypto trader PlanC.

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