Bitcoin's price is facing a downturn, currently testing range lows with declining momentum at around $62,000 after a recent rebound from over $65,500.

The 5% retracement has kept Bitcoin within a range set before the weekend, with a daily close near $62,300 indicating a risk of more losses. Analyst J. A. Maartunn warns of potential stop-loss triggers if the price drops below $62,100 or remains inactive. Michaël van de Poppe, founder of MNTrading, expressed frustration over the lack of clear direction following the mid-April block subsidy halving.

Despite the current challenges, some traders like Moustache believe that the ongoing movements could lead to sustained upside, similar to past post-halving patterns.

The crypto ETF sector is also experiencing changes, with Grayscale withdrawing plans for a futures ETF product based on Ethereum. U.S. Bitcoin ETFs saw net outflows on May 7 after two days of inflows surpassing $500 million. Farside, a UK-based investment firm, reported outflows of $15.7 million, while Susquehanna disclosed a $1.3 billion ETF portfolio.