Bitcoin is attempting to stabilize after a sharp sell-off, with its price rebounding toward a critical technical level. Analysts note the $62,000 region acted as strong demand, absorbing aggressive selling pressure. The current move faces resistance at the channel’s mid-boundary, a level that has repeatedly rejected price advances. A decisive break above this level could shift market structure toward the $75,000–$80,000 supply zone, while a failure risks a return to recent lows.
Bitcoin’s price has rebounded from the $62,000 area following weeks of aggressive selling pressure. This stabilization push is now testing the channel’s mid-boundary, which has repeatedly acted as dynamic resistance throughout the downtrend.
On the daily timeframe, the bounce from $62,000 was technically clean as that zone absorbed the aggressive selling pressure. However, upside momentum is compressing as the price approaches the critical mid-line, with the market showing hesitation instead of impulse.
A strong daily close above this mid-boundary would shift the structure, making the $75,000–$80,000 supply region the next logical magnet. Conversely, failure here and a loss of the $66,000–$67,000 support region risks a rotation back toward $62,000.
The 4-hour chart shows a more constructive structure following a breakout above a triangle formation at $67,000. Price is now compressing between that broken trendline, now acting as support, and the channel mid-line near $70,000.
From a liquidity perspective, the Binance BTC/USDT liquidation heatmap shows a notable cluster of short liquidations building above $70,000. Liquidity tends to act as a magnet, especially when positioned above price during a recovery phase.
Overall, Bitcoin is in a transitional phase with improved short-term structure and stabilizing momentum. Yet the daily chart still shows price trapped beneath a major dynamic resistance within a broader descending channel.
The next daily close around the channel mid-boundary will determine the short-term direction. It will indicate whether this rebound evolves into a squeeze toward $70,000 or becomes another rejection that reactivates the dominant downtrend.
