Bitcoin is currently trading around $71,300 after experiencing a strong correction from the previous high near $97,900. The market recently saw a sharp drop toward the $59,800 support zone, where buyers stepped in and pushed the price back up.
š Technical Overview ā¢ The $59,800 ā $60,000 area has proven to be a strong demand zone.
ā¢ Price is now consolidating between $70K ā $73K, showing signs of stabilization after the recent volatility.
ā¢ Short-term moving averages are beginning to flatten, suggesting the selling pressure is slowing down.
ā¢ However, the major resistance remains near $74K ā $78K.
š Bullish Scenario If Bitcoin manages to hold above the $70K support, we could see a gradual recovery toward: ā”ļø $74,000
ā”ļø $78,000
ā”ļø $83,000 (major resistance zone)
š Bearish Scenario If the market loses the $70K level, another retest of the lower liquidity areas could happen: ā”ļø $66,000
ā”ļø $60,000 key support
š” Market Insight Despite the recent correction, the broader structure still suggests a long-term bullish market, with accumulation happening after the strong rally earlier. Volatility remains high, so patience and proper risk management are essential.
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