Despite recent price corrections, crypto investors maintain a bullish outlook, according to a CoinGecko survey.
Bitcoin’s Key Price Levels
Bitcoin (BTC) is currently holding the $58,000 price level, which is crucial for breaking its recent choppy phase, according to trader Altcoin Sherpa. This level aligns with Bitcoin’s 200-day exponential moving average (EMA 200). To pursue $63,000, Bitcoin must close above this level on higher timeframes.
“If BTC can’t break it, we might see it test the low 50ks. We’re in a wait-and-see mode now,” added Altcoin Sherpa.
Recent Price Movements
Bitcoin attempted to rise today, as reported by trader Rekt Capital. He noted on X that BTC tried to break a one-and-a-half-month downtrend by surpassing the $59,000 price level. However, after slightly overtaking the downtrend line, Bitcoin was pushed back to the low $58,000 level.
Rekt Capital emphasized the importance of Bitcoin closing the week above $60,600. Failing to do so risks further declines, preventing a return to the accumulation range.
“Bitcoin is rallying now. It needs to reclaim the $60,600 range low as support to return to the re-accumulation range it broke down from last week,” Rekt Capital said.
Investor Sentiment Remains Positive
Despite these price fluctuations, the majority of crypto investors remain optimistic. According to a CoinGecko survey, over 50% of investors and builders are still bullish on the current bull cycle. This is notable even as traders and spectators exhibit the most bearish sentiment since the halving.
Final Thoughts
The crypto market is experiencing volatility, but investor sentiment remains largely positive. Bitcoin’s performance at key price levels will be crucial in determining its next moves.
