Bitcoin's Key Level To Hold For Bearish Traders To Enter 'Cope Territory'

Bitcoin's BTC/USD pump to $63,000 prompted traders to indicate how market sentiment is changing back to a bullish bias.

What Happened: Crypto trader DonAlt reiterated his July 9 tweet on how market scenarios change, stating that “coins are good again”. Bitcoin's real obstacle is $63,000 and there is very little reason for it to not make new highs. He also noted that he did not expect this to come back this quickly.

He concluded, "Just needs to hold $60,000 and break that and we’re firmly in bear cope territory."

Think this is the simplest way to think about the market at this point pic.twitter.com/JUfXO3kvAJ

— DonAlt (@CryptoDonAlt) July 9, 2024

Heavily followed crypto trader Loma reflected that despite his seven years in the crypto markets, he does not understand how quickly sentiment changes. He noted how a week ago the market sentiment was showcasing “structural breaks across the board, 4-month breakdown, Mt. Gox distribution, Germany selling, see you 2025."

However, the current situation is "new ATHs soon, no pullbacks" with price targets like $80,000 to $100,000.

Also Read: ‘Bitcoin Is A Legitimate Financial Instrument,’ Says BlackRock CEO Larry Fink

Why It Matters: The biggest cryptocurrencies have rallied double digits over the past week:

Cryptocurrency	Past Seven Days Performance
Bitcoin BTC/USD	+13.3%
Ethereum ETH/USD	+14.1%
Solana SOL/USD	+13.9%

Cold Blooded Shiller, in his latest X post, outlined how Twitter has a major impact on the decisions people make. He highlighted the statements with the "it's so over" – "we're so back" meme, with sentiment changing from fear of missing out to desperation in a matter of days.

Shiller suggests some plans on how to overcome the feeling, such as timeframes to take advantage of, risk positions, rational thought and taking control of your finances.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next:

• Top Crypto Trader Contemplates Retirement, Looks For ‘One Last Bullish Trade’ On Bitcoin, Ethereum, Solana

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