Bitcoin Benefits from US Tech Rebound
The crypto market is breathing again. After being dragged down by the brutal correction in artificial intelligence stocks (notably Nvidia), Bitcoin has taken advantage of the positive close in US stock markets to pull itself out of the danger zone. Currently, BTC is trading around $65,060, showing a gain of approximately 3.5% over the last 24 hours.
This correlation with the Nasdaq and S&P 500 shows that institutional investors still treat crypto as a risk-on asset. The relief is palpable: the selling pressure that threatened to send the price toward $50,000 seems to have temporarily evaporated. However, volumes still need to confirm this move to validate a sustainable trend reversal.
Technical Analysis: Is $60,000 a Solid Bottom?
From a technical perspective, defending the $60,000 level has been crucial. This threshold acts as a major support, a true “line of defense” for the bulls. As long as the price maintains above this level, the underlying structure remains preserved. The weekly RSI, which fell to oversold levels (close to 25), also suggests that the market was overextended to the downside, favoring this technical bounce.
However, Bitcoin is not out of the woods yet. It faces an immediate resistance zone between $66,400 and $68,500 with a 16-hour order block. To restart a bullish dynamic, the price must imperatively transform these levels into support. Conversely, an inability to break through $66,000 could form a lower high, signaling a bearish continuation.
However, an order block of this magnitude will be difficult to break through. Moreover, each time the 16-hour CVD has turned green, it has indicated a local Bitcoin top. A return to $67,500 for Bitcoin in the next 24 hours could be an opportunity to take profits and short rather than the opposite.
Scenarios: Bull Trap or Rally Resumption?
Two trajectories are emerging for the coming days:
- Bullish Scenario: If Bitcoin manages to close the week above $68,500 with volume, it could target the next major resistance at $70,000. Such a move would invalidate the thesis of a deeper correction and reignite retail buyer interest.
- Bearish Scenario: If the bounce fizzles out below $66,000, the risk of a violent rejection increases. In this case, a retest of the $60,000 support is likely. A break of this level would open the door to a drop toward the liquidity zone of $52,000 – $55,000, a scenario feared by many on-chain analysts.
Some analysts, like Ali Martinez, have recently warned of a potential “Death Cross” on the 3-day timeframe, suggesting that caution remains warranted despite today’s green display.
The market is at a crossroads. While the current bounce offers a breath of fresh air, technical confirmation is still lacking. Prudent traders will wait for a confirmed break of $68,500 to position themselves long, while more aggressive ones will monitor the price reaction on the $65,000 support to attempt longs with tight stops.
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