Bitcoin (BTC) threatened a $61,000 breakdown on May 9 as familiar trendlines got a fresh support test.
BTC/USD 1-hour chart. Source: TradingView
BTC price keeps up pressure on bull market support
Data from Cointelegraph Markets Pro and TradingView followed BTC price moves as it slowly ground lower to erase a week’s upside.
While taking order book liquidity via low-timeframe volatility, BTC/USD lacked upside impetus overall, and now, the 100-day simple moving average (SMA) and short-term holder realized price (STH-RP) were back on the radar.
As Cointelegraph reported, these are classic bull market support levels, with last week’s brief dip to $56,500 not violating them for long.
The 100-day SMA and STH-RP — the latter referring to the aggregate cost basis of Bitcoin speculators — stood at $61,200 and $60,100, respectively, at the time of writing.
Bitcoin STH-RP. Source: Look Into Bitcoin
In his latest commentary on X (formerly Twitter), popular trader Skew described the 100-day SMA and the monthly open at $60,600 as “pretty important” on high timeframes.
“There is some 100BTC bids stacked here but need to see evidence of absorption of sellers to get strong confluence of demand,” he wrote overnight.
BTC/USD chart. Source: Skew/X
Data from monitoring resource CoinGlass confirmed a cloud of bid liquidity just below $61,000, with Bitcoin still to challenge this on the day.
“Clearly here someone is walking price lower while trying to draw in liquidity to sell on bounces,” Skew summarized previously.
“Keeping an eye on this because eventually someone will take the other side (bid) & test this ask liquidity.”Bitcoin liquidation heatmap (screenshot). Source: CoinGlass
Bitcoin mining hash rate, difficulty retreat
The latest BTC price moves meanwhile took their toll on network fundamentals.
Related: Bitcoin exchange inflows drop to 10-year lows after $74K all-time highs
Bitcoin mining difficulty was about to drop by 5.5% at the time of writing, per data from BTC.com — its largest single downward adjustment since the end of the 2022 bear market. At the time, BTC/USD traded at under $20,000.
Difficulty is…
..
