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Bitcoin (BTC-USD) traded in a narrow range this week, as the price correction in the top cryptocurrency following the halving event continues.

The oldest cryptocurrency, started off the week strongly, as it touched $65K, following a broader market upswing fueled by weaker-than-expected jobs data last week, which added momentum to speculation that the Federal Reserve may consider an interest rate cut.

However, BTC stuck to the narrow range of $60K- $64K for the rest of the week.

"Bitcoin topped out in mid-March at $73,793 and has pulled back significantly since then," said SA analyst, Florian Grummes.

Bitcoin (BTC-USD)and Nasdaq are strongly correlated, hence expect both asset classes to grind lower during the seasonal rather weaker summer months into the typical bottom in September or October, Grummes added.

Cryptocurrency trading volume took a breather in April, as it declined for the first time in seven months as rising geopolitical tensions and slower inflows into U.S.-listed spot ETFs weighed over the digital assets market, a CoinDesk report stated.

"The market has seen a slight rebound from the recent correction, indicating a stabilizing sentiment among investors," Lucy Hu, senior analyst, Metalpha, said.

Inflows into the U.S. spot-Bitcoin exchange-traded funds have slowed, but some traders believe BTC will continue its bull run in the year.

"The bull run will continue and the price of Bitcoin could reach new highs after the halving based on historical patterns. Investors should still practice appropriate hedging tools to manage risks effectively," Hu added.

Notable News

Bitcoin, Ether prices

Bitcoin (BTC-USD) was down 2.3% to $60.8K at 3:13 pm on Friday, and Ether (ETH-USD) fell ~3.4% to $2.9K.

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Bitcoin falls 3% week on week as price correction continues (Cryptocurrency:BTC-USD) - Seeking Alpha