Bitcoin rebounded above $60,000 after a sharp intraday sell-off, with the asset last trading near $60,870. On the daily chart, price briefly tested and slipped below the monthly 50-period simple moving average around $59,305, while also touching the long-term ascending trendline and the February low before recovering. That bounce helped produce a higher closing low even as selling pressure stayed intense during the session.
Support near $59,300 is holding, but resistance still dominates
The reaction from buyers has been notable, yet the move has not confirmed a bullish reversal. On the weekly chart, Bitcoin is still trading below the 200-period moving average near $62,448. That level marks the first major resistance bulls need to reclaim, and $62,400 remains the most important threshold for a more durable turnaround.
Liquidity heatmap data adds another layer. Large clusters of heavily leveraged positions sit above the current market price, with the main focus on the $67,000 to $69,000 range and additional zones around $74,000 and $78,000. If Bitcoin extends its recovery and starts liquidating short positions in those areas, the move higher could accelerate.
Quarter-end timing puts extra weight on the $60,000 zone
Market timing is becoming more sensitive as the second quarter approaches its close. If Bitcoin can keep holding the $59,000 to $60,000 support band and establish itself above $62,400, the setup for a stronger quarterly finish could improve. If weakness persists below the monthly moving average and trendline, the risk of deeper losses going into the third quarter remains on the table.
Another detail stands out: Bitcoin is now testing the $60,000 level for the third time. On the three-day chart, price has returned to the same support area seen in February and again at the start of June. On both earlier tests, buyers stepped in on the dip, reinforcing this zone as a major entry area for the market.
$65,000 is the next level needed for stronger short-term structure
Crypto commentator CryptoCurb said support alone does not validate a trend reversal. In that view, the short-term structure only becomes stronger if Bitcoin pushes above $65,000. A break of that level would make the recovery case more convincing. From there, the next upside objective could be $70,000, followed by a possible test of resistance near $80,000.
On the downside, a clean break below $60,000 would weaken the repeated-bottom setup and undermine near-term optimism. For now, $60,000 remains the main support, while $62,400 and $65,000 stand out as the central resistance levels on any upside attempt.