Bitcoin’s price is showing signs of stabilization after buyers aggressively defended the critical $60,000 support zone, rebounding toward $68,000. The cryptocurrency, however, remains in a broader corrective structure on the daily chart, trading below major moving averages and a descending resistance trendline. On-chain data indicates a reset in market sentiment, with the Net Unrealized Profit and Loss metric falling sharply, suggesting speculative excess has been reduced. The market now faces a crossroads between extending its recovery toward overhead supply or resuming the broader downtrend.
Bitcoin continues to trade within a well-defined bearish structure on the daily timeframe. The asset remains beneath both the 100-day and 200-day moving averages, as well as a descending trendline that has guided the correction for months.
Buyers stepped in aggressively following a sharp drop below the $60,000 support region, sparking a rebound. This recovery has brought the price toward the $68,000 area, but the first major resistance is seen between $76,000 and $80,000.
On the 4-hour chart, Bitcoin is consolidating inside a rising channel, suggesting the move is a recovery phase. The price recently rejected from the channel’s upper boundary, confirming sellers remain active near the $72,000 to $75,000 confluence resistance zone.
Momentum has cooled as the RSI has rolled over from overbought territory toward neutral. For the structure to remain constructive, buyers must hold above the mid-channel area and defend the $64,000 to $65,000 region.
From an on-chain perspective, Bitcoin’s Net Unrealized Profit and Loss, or NUPL, has fallen sharply to around 0.20. That is a major reset compared to the euphoric readings seen during the rally toward the cycle highs.
This reading indicates the market has flushed out a large portion of paper profits, creating a healthier backdrop than overheated conditions near tops. Historically, a NUPL in this zone points to a sentiment reset that can support medium-term base building.
The on-chain data suggests downside risk may be more limited than at the cycle highs. For a stronger bullish case, this improving backdrop must still be confirmed by price reclaiming higher resistance levels.
