Bitcoin found buyers again in the range of $ 59,000 to $ 60,000. The price, which fell below important supports for a short time in the last retreat, recovered after the sharp decline during the day, showing that this region is still decisive for the market.
Support zone maintained, but confirmation yet to come
On the daily chart, Bitcoin price traded around $60,870. The price turned upwards again after testing the February low, the 50-period monthly simple moving average, and the long-term ascending trend line near $59,305. This move allowed for a higher closing low to be formed despite the sharp selling.
However, the current reaction movement does not mean that the upward turn is certain. Bitcoin remains below the 200-period moving average on the weekly chart at approximately $62,448. For this reason, the first important threshold that buyers need to reclaim in the short term is the $ 62,400 band.
Although the current chart shows that the support around $59,300 is maintained, it indicates that the $62,400 level must be exceeded for the bullish scenario to gain strength.
The liquidation map also reveals that there are clusters of heavily leveraged positions above the current price. Especially the range between 67,000 and 69,000 dollars, as well as the 74,000 and 78,000 dollar levels, attract attention. If the price recovers permanently, it is possible that short positions in these regions will be liquidated and the upward movement will accelerate.
Timing becomes important before quarter close
Another important factor for the market is timing. As Bitcoin approaches the end of the second quarter, if it maintains the $59,000-$60,000 support and settles above $62,400, the possibility of a stronger quarterly close may come to the fore. On the other hand, continued weakness below the monthly moving average and the ascending trend line could increase the risk of deeper losses for the third quarter.
Another point that stands out in the analysis is that the $ 60,000 level is being tested for the third time. According to the three-day chart, Bitcoin has returned to the support zone in both February and early June. The reaction buying seen in the previous two tests indicates that this area is still considered an important entry zone by investors.
The $65,000 level may be decisive in the short-term outlook
However, merely holding support does not confirm a bullish reversal. According to the assessment shared by CryptoCurb, Bitcoin needs to rise above $65,000 for the short-term structure to strengthen and to see buyers regain control. CryptoCurb is followed in the market as a crypto commentator known for his technical analysis posts.
If this scenario occurs, a move towards $70,000 may first occur, followed by new resistance tests around $80,000. In the longer-term projection, over $ 100,000 was also shown as a possibility, but it is emphasized that this level is not a confirmed target at this stage.
On the other hand, a clear break below $60,000 could weaken the recurring bottom structure and invalidate the short-term positive expectation. Therefore, in the current outlook, $60,000 stands out as the main support, and $62,400 and $65,000 stand out as the main resistance levels in the upside scenario.
