Bitcoin price remains in the ‘optimal buying range’ despite surging to $65K.

Bitcoin (BTC) reached a price of $65,000 in the early Asian trading session on May 6, with the 50-day exponential moving average (EMA) acting as immediate support. According to data from Cointelegraph Markets Pro and TradingView, the BTC/USD pair rose from a low of $63,340 on May 6 to an intraday high of $65,523, representing a 3.45% increase. BTC is currently approximately 15% above its two-month low of $56,500, which was reached last week on May 1. The decline in the U.S. economy and concerns about stagflation led to a risk-off mode among investors, prompting BTC’s recovery. Market intelligence platform DecenTrader stated in a post on May 6 that BTC’s recovery resulted in a bullish weekly candle and a return to a more neutral state for Bitcoin funding rates after being negative at the end of the previous week. Data from Coinglass also supports this observation, showing that Bitcoin’s funding rates on exchanges are now neutral after turning negative last week. Negative funding rates are typically seen as bearish indicators, while a neutral funding rate signals a reset in trader positions and reflects mixed sentiment in the market. However, if BTC declines from its current levels, key support levels would come into play, including the $57,000 to $64,000 demand level embraced by the 50-day EMA. Independent trader Ali Martinez considers this range a prime buy zone for BTC. Martinez shared a chart from Glassnode showing that Bitcoin’s recent drawdown caused the MVRV ratio to drop below its 90-day moving average, indicating a buying opportunity. Despite BTC’s recent climb above $60,000, the Bitcoin MVRV Momentum still meets this condition, making it an ideal entry point into the asset. On-chain data provider IntoTheBlock reported that Bitcoin whales took advantage of the recent market drawdown and bought more BTC at discounted prices. Addresses holding more than 1,000 BTC have been accumulating strongly in recent months, but their accumulation has been dwindling as each accumulation period is followed by a price increase. However, this is still a positive sign as continued accumulation indicates bullish sentiment among large investors. This article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.