Bitcoin (BTC) continues to hold onto the $58,000 price level as a key area to overcome volatile momentum, according to trader who calls himself Altcoin Sherpa. This area is BTC’s 200-day exponential moving average (EMA 200), and the price needs to close above it on “higher time frames” for Bitcoin to reach $63,000.
“We can’t break through, we’re testing the low 50k. Now we’ll wait and see,” the trader added.
Bitcoin attempted to move higher today, as reported by a trader identified as Rekt Capital, who wrote on X that BTC I’m trying to break a month and a half of a downward trend line, exceeding the price level of $59,000.
However, after briefly breaking above the downtrend line, the move was rejected and Bitcoin sharply pulled back to the low $58,000 level.
#BTD
Bitcoin Not Ready to Break Downtrend Yet$BTC #Crypto #Bitcoin https://t.co/riXIV8LblY pic.twitter.com/YuNuKtfgB0
— Rekt Capital (@rektcapital) July 10, 2024
Moreover, Rekt Capital has tripled its bet on Bitcoin needing to close the week above $60,600, otherwise it risks not returning to the accumulation range, and the current pullback could go even further.
“Bitcoin is currently rallying. It needs to reclaim the $60,600 range low as support to get back into the re-accumulation range it broke last week,” Rekt Capital said.
Notably, according to a CoinGecko survey, cryptocurrency investors are generally optimistic despite the recent price correction. reported According to Crypto Briefing, traders and spectators are at their most bullish since the halving, while over 50% of investors and builders remain bullish on the current bull cycle.
