Bitcoin: Robust Rebound Recovers More Than 50% of Last Week’s 12% Decline

Bitcoin has bounced back strongly from its recent multi-week low of $60,227, reclaiming over 50% of the almost 12% drop seen last Friday and Saturday. This bounce has temporarily mitigated downside threats.

The latest rally has pushed Bitcoin above a significant daily cloud, with a close above the cloud top at $64,710 being viewed as an initial bullish signal. However, further upward movement will be necessary as technical indicators on the daily chart are mixed and lack clear direction.

A sustained break above the $68,000 zone is needed to confirm a reversal and propel the price towards the upper range of the recent $73,839 to $60,277 range, targeting key barriers at $70,000 and $71,300.

On the other hand, if Bitcoin returns and closes within the daily cloud, it would weaken the near-term structure and increase selling pressure.

Res: 67757; 68000; 68325; 69795

Sup: 65201; 64710; 63183; 61707