Bitcoin Price Roars Over 7% to $69,000 as Market Tests Post-Capitulation Range
Bitcoin surged over 7% to $69,000, bouncing off support near $62,000 after weeks of sell-offs below miner production costs.Summary
Bitcoin's price climbed over 7% to exceed $69,000, marking a significant daily move following weeks of compressed trading after falling nearly 50% from its October high near $125,000 to a February low around $60,000. This drop pushed the price below the estimated average miner production cost of $66,000, signaling potential capitulation. The rebound occurred after buyers defended the 0.786 Fibonacci retracement level near $62,000, with expanding volume suggesting new participation. The price is now testing the range defined by January trading, with the next focus being the mid-$70,000s. Concurrently, mining data shows the Hash Ribbon nearing a recovery signal after one of the longest capitulation periods on record, which typically eases forced selling by miners. Despite the rally, overhead pressure remains due to supply held at a loss, though crypto-exposed stocks like Coinbase and MicroStrategy also rallied strongly.
(Source：Bitcoin Magazine)