Bitcoin trades just above $70,000–$71,000 after a violent reset. The coin dropped from about $84,000 to under $76,000, then crashed from roughly $77,000 to $60,000 in a little more than a day, erasing over $10,000 per coin. From that $60,000 low it rebounded sharply toward $72,000, slipped back to around $68,000 and then climbed again into the low $70,000s with daily gains near 2–3%. Price now sits more than 50% below the October 2025 peak near $126,000. Even after the drawdown, Bitcoin (BTC/USD) still carries a market cap around $1.4 trillion and dominance just under 57%, while total crypto market value is close to $2.5 trillion. The structure is a classic crash snapback pattern: vertical liquidation, aggressive short-covering and now a choppy consolidation under a key psychological level.
Short-term order flow is clustered in a tight range. There is a notable bid wall near $69,201 of roughly 20 BTC, or about $1.38 million, acting as an intraday floor. On the topside, ask walls around $69,449 and $69,539 cap price and form a narrow ceiling. As long as Bitcoin oscillates between that $69,200–$69,500 band, small breaks can trigger sharp stop runs in either direction. A decisive break below $69,201 exposes support levels near $67,850 and then the deeper zone around $60,649. A clean push above the $69,500–$69,600 cluster opens the way back to $70,000–$72,000.
For confirmation of real trend repair, the key level is about $72,736 on the daily close. A sustained break above that region would turn attention to the next major resistance near $85,276. Below the market, loss of the $63,007 support would signal that the rebound is failing and put a full retest of the $60,000 panic area and even a slide toward roughly $55,500 on the table.
The plunge to $60,000 marked the lowest print in well over a year and came with broad cross-asset stress. The same week saw a sharp sell-off in stocks, gold and silver, showing that this was a global de-risking phase rather than a crypto-only event. For Bitcoin , $60,000 now acts as a structural pivot. It is the level where forced sellers exhausted themselves enough for large buyers to step in and where rumor flow about official dip-buying exploded.
Holding above that area keeps the door open for a bottoming base. Losing it on high volume would confirm that the current rebound was only a pause in a larger bear leg and would shift focus toward the mid-$50,000s as the next zone of interest.
On the daily chart the trend remains damaged. Bitcoin trades well below its 9-day and 20-day exponential moving averages. The 9-day EMA has already crossed under the 20-day EMA, forming a short term “death-cross” that signals continued downward momentum in the near term. MACD reinforces this view. The MACD line sits under the signal line in negative territory, and the histogram shows expanding red bars, indicating that selling pressure is still dominant and that the rally is moving against the prevailing trend.
RSI dipped toward the oversold band near 30 during the crash, confirming extreme downside momentum. That oversold print helped trigger the bounce but there is still no strong bullish divergence between price and RSI. Without that, the move back into the $70,000 area looks more like a reflex rally inside an ongoing correction than the start of a clean new impulsive up-trend.
Taking all signals together, Bitcoin is in a confirmed bear regime on the daily trend, but trades at a historically significant discount to its 200-day moving average while new addresses and small-holder accumulation remain strong. Macro conditions are unstable but not catastrophic, and the $60,000 area has already proven to be a zone where aggressive buyers step in. With that backdrop, the stance is clear. Short-term, the bias is still cautious and tactical, with elevated risk of another flush toward $55,500 if $63,007 breaks. Medium-to-long term, the combination of a 0.6 Mayer Multiple, deep unrealized losses and continued network growth argues for a bullish view.
The overall call is Buy for investors operating on a 12–24 month horizon, with Bitcoin (BTC/USD) treated as a high-volatility accumulation opportunity rather than a low-risk trade. The bear trend on the chart is real, the path to new highs will be rough, but the current zone offers asymmetric upside for capital that can tolerate further drawdown before the next expansion phase.
