cryptobriefing.com
Bitcoin ($BTC) still holds the $58,000 price level as a key area to flip its choppy moment, according to the trader who identifies himself as Altcoin Sherpa. This area is $BTC’s exponential moving average of 200 days (EMA 200), and the price must close above it in “higher timeframes” so Bitcoin can chase $63,000.
“Can’t break it, we test the low 50ks. Wait and see mode now,” added the trader.
Bitcoin tried to fly higher today, as reported by a fellow trader identified as Rekt Capital, who posted on X that $BTC was trying to break a one-and-a-half-month downtrend line by surpassing the $59,000 price level.
However, after slightly overtaking the downtrend line, the movement was rejected and Bitcoin was sent violently back to the low $58,000 level.
#$BTC
Bitcoin is not ready to break the Downtrend just yet$BTC #Crypto #Bitcoin https://t.co/riXIV8LblY pic.twitter.com/YuNuKtfgB0
— Rekt Capital (@rektcapital) July 10, 2024
Moreover, Rekt Capital tripled down on the need Bitcoin has to close the week above the $60,600 level. Otherwise, it risks not going back to the accumulation range and the current pullback could go further down.
“Bitcoin is now rallying. Needs to reclaim the $60600 Range Low as support to return to the Re-Accumulation Range it broke down from last week,” said Rekt Capital.
Notably, crypto investors are majorly bullish despite the recent price corrections, according to a CoinGecko survey. As reported by Crypto Briefing, traders and spectators are the most bearish since the halving, while over 50% of investors and builders are still optimistic about this current bull cycle.