Bitcoin shows stability after dipping below $60K

Bitcoin showed a poor start to its historically most bullish month since 2013, briefly falling below $60,000 late Thursday before rising above $61,000 on Friday. The digital asset at the time of publication remains unrelatively unchanged for the day, hovering just above its 50-day moving average at $61,150.

If there is a breakout or bounce from a critical level, the protracted consolidation positions the market for a powerful move.

Bitcoin has lost more than 5% of its value since the beginning of October. Since 2013, this month has only twice concluded negatively, with gains of up to 60% and an average of 22% making it the best for investor returns.

Some users on X are pessimistic about a price recovery, which has damaged social sentiment. Bettors are more certain that Bitcoin will remain range-bound between $57.5K and $65K, even though they have ruled out an attempt at $70,000.

The first week of the month is typically bearish, indicating that the current price action is consistent with past movements. CoinGlass data showed most gains occur later in the month.

Pessimistic opinions about Bitcoin’s price rebound are reflected in the social sentiment on sites such as X.investors’ attention is being drawn to commodities like gold and oil, which affects the sentiment surrounding risky assets like Bitcoin

Polymarket bettors tend to believe that October will see range-bound trading while they have mixed emotions about the direction of Bitcoin’s price
investors are still optimistic about BTC-ETFs’ long-term prospects notwithstanding the recent decline. Glassnode calculated that 911,000 BTC, or 41.6 percent of the digital gold supply, had been redeemed by spot bitcoin-ETFs issuers

A CoinMarketCap analysis states that Bitcoin’s bullish phase has intensified and is 100 days ahead of historical data. BTC’s possible peak might occur in mid-May or early June of 2025