Bitcoin has extended its recovery, pushing into the low-$70,000s after holding support near $60,000. The move represents a test of a major resistance zone between $75,000 and $80,000, with the market’s broader trend still not confirmed as bullish. On-chain data suggests the recovery is being driven by larger participants rather than retail frenzy, indicating a relatively controlled market environment.
Bitcoin’s price is approaching a significant technical decision point following its recovery from the $60,000 support region. The asset has built a series of higher lows and now trades in the low-$70,000s, though the broader structure has not fully flipped bullish.
On the daily chart, Bitcoin continues to trade below both the 100-day and 200-day moving averages. The key resistance area remains between $75,000 and $80,000, which previously acted as support before turning into supply.
The 4-hour chart shows a stronger picture, with Bitcoin climbing within a rising channel. The market is now approaching a confluence zone where channel resistance overlaps with horizontal supply around $73,000 to $75,000.
On-chain analysis adds a more constructive undertone to the technical picture. The Spot Average Order Size chart indicates recent activity is still being driven more by larger participants than by aggressive retail-style behavior.
Historically, that kind of backdrop tends to be healthier than a move led by euphoric small buyers. The data suggests stronger hands are still active even as price trades below the cycle highs.
The chart does not show the kind of broad retail frenzy usually associated with late-stage blow-off conditions. In practical terms, the current recovery still looks relatively controlled from an on-chain participation perspective.
