Bitcoin holds steady near key moving average

Bitcoin is currently trading above $63,000, building on a recent rally that was partly influenced by Michael Saylor's positive outlook on further purchases. The cryptocurrency is approaching a significant 200-week moving average, a level historically associated with major market cycle turning points. While market stress appears to be easing, indicated by retreating implied volatility and a dominance of speculative call options, underlying sentiment remains fragile. This stability is also benefiting smaller tokens, with some Web3 AI projects seeing substantial gains, though the catalysts remain unclear. The broader market's recovery is contingent on Bitcoin's performance at this critical technical juncture.