Bitcoin Rebounds from $60K Capitulation Low, Eyes $74,500 Resistance This Week

The Bitcoin price experienced a rapid decline last week, falling through $70,000 and $60,000 before finding support near $60,000, from where bulls pushed it up to $71,700 before closing at $70,315. Key short-term resistance levels to watch are $71,800 and the 0.382 Fibonacci retracement at $74,500, with stronger resistance at $79,000 and $84,000. On the downside, support is eyed at $65,650, $63,000, and crucially at $60,000, which is just above the 0.618 Fibonacci retracement at $57,800; a loss of this level could lead to a drop toward $44,000. The Momentum Reversal Indicator (MRI) flashed a buy signal on the daily chart from the $60,000 low, suggesting bulls should capitalize on this bounce, though the market mood remains bearish due to last week's losses. Analysts expect Bitcoin to remain range-bound between $60,000 and $80,000 for the next few weeks following the significant drop and bounce.

(Source：Bitcoin Magazine)