Experts named a reason for the start of Bitcoin's bullish trend
Bitcoin (BTC) continues to regard the $58,000 mark as a pivotal threshold to overcome its current volatility, as noted by the market analyst known by the moniker, Altcoin Sherpa. This milestone is delineated by Bitcoin's 200-day exponential moving average (EMA 200), a level which Bitcoin needs to consistently exceed in "longer timeframes" to set its sights on $63,000.
The analyst elaborated that if it fails to breach, market are looking at a dip into the lower $50,000s. It's a waiting game at this point.
Today marked an attempt by Bitcoin to ascend further, as highlighted by another analyst who goes by Rekt Capital, sharing on X that BTC endeavored to surpass the $59,000 threshold, aiming to break free from a downtrend that has persisted for over a month and a half.
Despite momentarily eclipsing the downtrend line, the attempt was met with resistance, propelling Bitcoin rapidly back down to the lower $58,000 range.
Furthermore, Rekt Capital emphasized the significance of Bitcoin closing the week above the $60,600 benchmark to avoid exiting the accumulation phase it recently left, which could further exacerbate the current retracement.
Interestingly, despite recent adjustments in price, the sentiment among cryptocurrency investors remains predominantly optimistic, a CoinGecko survey indicates.
