#Bitcoin has had a choppy few days, briefly slipping under $65,000 earlier this week before finding its footing again above $66,000. If you have watched enough market cycles, you know these moments often matter more than the headlines suggest. The drop flushed out a lot of overleveraged traders, with nearly $360 million in long positions wiped out in a single hour. Since then, price action has calmed down, pre market trading has stabilized, and signs of buyer interest are starting to reappear. Even MicroStrategy preparing for its 100th Bitcoin purchase is a reminder that institutional conviction has not disappeared during this pullback.
From a technical perspective, the weekly chart is telling an interesting story. Bitcoin printed an inside inside pattern following a sharp selloff climax, a structure that often signals selling pressure is cooling rather than accelerating. This kind of setup frequently shows up when the market is pausing before choosing its next direction. Price also respected the mid $64,000 area, a key support zone that lines up closely with the February low near $60,132. As long as Bitcoin holds above roughly $64,293 from this week’s low, a recovery remains on the table. The structure is starting to resemble a potential bull flag, where consolidation favors upside if momentum returns. A clean hourly close above $68,698 would be the level to watch, opening the door toward $71,369 and possibly $76,971, where prior wicks left untested liquidity.
On chain data adds more context to the bullish case. The Mayer Multiple, one of Bitcoin’s longest standing valuation tools, recently dropped to around 0.6x. Historically, readings at this level have marked periods of undervaluation relative to the 200 day moving average and have often preceded strong forward returns. At the same time, the hash ribbon indicator is showing signs of recovery after mining difficulty surged by 14.73 percent to a new all time high of 144.4 trillion on February 19. That jump, the largest ever recorded, suggests miners are doubling down despite tighter margins. When the 30 day hash rate average crosses back above the 60 day, it has often signaled the end of miner capitulation and the early stages of price bottoms forming over the following months.
Zooming out, macro conditions remain noisy. Ongoing geopolitical tensions in the Middle East and renewed tariff discussions have unsettled global markets. Even so, Bitcoin reclaiming levels above $66,000 while the Fear and Greed Index sits in extreme fear points to underlying resilience. Whale delta has turned negative while retail long positioning remains elevated, a classic contrarian setup where larger players often position against crowded trades. Forecasts calling for Bitcoin to reach $150,000 by year end may sound aggressive, but historically, Bitcoin has tended to make its biggest moves after leverage is flushed out. A roughly 19 percent drawdown like the one seen in February fits that pattern more than it breaks it.
That said, this is not a guaranteed straight line higher. If Bitcoin fails to hold the $65,000 to $66,000 zone, the $60,000 area becomes the next major level to watch. For now, though, the balance of evidence leans bullish in the short term. A strong order block delta buy signal, at levels last seen near the November low, suggests accumulation is taking place beneath the surface.
The main takeaway is simple. With technicals, on chain data, and positioning starting to align, this looks like a moment to watch for confirmation above recent highs rather than panic selling into weakness. Where Bitcoin goes next will depend on follow through, but the setup is one worth paying close attention to. What do you think Bitcoin’s next move will be?