#BitcoinBounceBackAbove$61K $BTC

Bitcoin is currently trading around 62.7k$

1. What happened?

- 1 day ago, 1.6 billion USD in leveraged positions got liquidated. Most of them were long positions.

- The selloff was triggered by a strong jobs report from the US. The market priced in a Fed rate hike, causing the 2-year Treasury yield to rise to 4.16%. Risk assets dropped, with Nasdaq down 5%.

- ETF outflows were also putting pressure. Since May 14, approximately 4 billion USD has been pulled out from Bitcoin ETFs. d990d79005937345

2. How did the bounce happen?

- Thin liquidity: After the liquidation, the market became so thin that even a little buying pushed the price up.

- 61k support held: The 61,000 level was also the low in February 2026. Technically, this has become an important demand zone.

- 200-week moving average: The 200-week MA is around 61k, which is historically used for bear market bottoms. Miners’ production costs are also in the low 60k range, making this a fundamental floor. d990a3b8d790dfb1

3. So what to look for?

Bullish case:

- If BTC reclaims 65k-68k on a daily close, the structure will improve.

- 2.6 billion USD in shorts are trapped between 63k-66k. If a rally comes, a short squeeze could happen.

- RSI is currently at 19.23 on the daily chart. Historically, reversals have followed such low RSI levels. a3b801cd

Bearish case:

- The 50-week, 100-week, and 200-week EMAs are providing resistance between 68.6k-83.9k.

- If 60k breaks, the next support is in the 50k-57k zone.

- ETF outflows are still ongoing, with a 13-day streak. 666b01cd

4. What are the analysts saying?

- Akshat Siddhant, Mudrex: 60k is critical support. A sustained move above 70k will bring buyers back in control.

- Riya Sehgal, Delta Exchange: If it breaks below 62k, 60k will be exposed. Reclaiming 65k is crucial for recovery.

- Standard Chartered: Geoffrey Kendrick still holds a 100k target for the end of 2026. He says "this was a buying zone."

- Peter Schiff: 61k looks like a short-term support, but we need to see how long it holds.

5. Reality check

This is still a bounce, not a trend reversal. Bitcoin is 52% down from its October 2025 high of 126k. Historically, summer has been weak for Bitcoin, while October to December tends to be strong.

If 61k holds, 2026 could be a recovery year. If it breaks, a 50k scenario opens up.

Summary: The bounce at 61k has come due to liquidation and technical support. The next key level is 65k-68k. There’s still risk as the EMAs are above and ETF outflows continue.