Bitcoin price reached $65,000 during early Asian trading on May 6, with the 50-day EMA providing immediate support for BTC. The BTC/USD pair rose to $65,523 from a low of $63,340 on the same day. Bitcoin is currently around 15% above its recent low of $56,500 on May 1, as economic concerns led to a risk-off mode among investors.

DecenTrader mentioned that Bitcoin's recovery generated a bullish weekly candle, leading its funding rates to return to a neutral state. Negative funding rates are considered bearish indicators, while neutral funding rates suggest a market sentiment reset.

Data from Coinglass supported DecenTrader's findings by showing that Bitcoin's funding rates on exchanges have become neutral after turning negative last week. A neutral funding rate indicates mixed sentiments within the market, with no strong bullish or bearish signals.

Independent trader Ali Martinez pointed out that key support levels for Bitcoin would be crucial if the price declined. The $57,000 to $64,000 range, supported by the 50-day EMA, is seen as a prime buying area for BTC. Martinez also highlighted that the MVRV ratio dropping below its 90-day moving average indicates a buying opportunity.

While Bitcoin's price has risen above $60,000 recently, the MVRV Momentum remains in a prime buying area, according to Martinez. Large Bitcoin holders have been accumulating BTC during price dips, but the magnitude of accumulation has been decreasing over time. However, this ongoing accumulation still reflects bullish sentiment among these investors.

Investors should note that this article does not offer investment advice, and individuals should conduct their own research before making any investment decisions.