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.