Bitcoin climbed as high as $72,000 in its latest rebound, then fell about $2,000 within hours. The move has revived debate over whether the market has already bottomed, but analysts tracking both on-chain data and chart structure say the evidence is still uneven.
On-chain data has not confirmed a durable bottom
CryptoQuant contributor DanCoinInvestor cautioned against treating the recent recovery as proof that Bitcoin has completed a bottoming process. In his latest view, Bitcoin’s bear-market phase was confirmed in late 2025. Since then, the asset has recovered to around the $60,000 level, yet the signals usually associated with a clean trend reversal have not lined up across major indicators.
He argued that a reliable bottom call would require stronger confirmation across on-chain metrics, volatility structure, and capital inflow trends. Right now, those conditions point to possibility rather than proof. Until those measures begin to align more clearly, the case for a definitive market bottom remains weak.
Price rejection near $72,000 puts focus on resistance overhead
From a technical standpoint, market analyst IT Tech described the push to $72,000 and the sharp reversal that followed as a classic liquidity sweep. Price moved aggressively higher, cleared out short positions, and then reversed lower.
According to IT Tech, the $70,700 to $71,400 zone has become an important resistance band. It previously acted as support, but after being lost, it flipped into resistance and made higher prices harder to sustain. He also pointed to a dense liquidation cluster near $72,000, suggesting notable selling pressure just above the current market.
$70,000 remains the pivot as lower support stays thin
Below $70,000, support appears less reliable. IT Tech identified a fragile floor between $69,300 and $68,600, noting that low volume in that area could allow for abrupt price swings if it breaks. A separate concentration of long positions has formed around $67,900, a level that could draw price if downside pressure increases.
For now, $70,000 stands out as both a psychological threshold and a short-term pivot. IT Tech said reclaiming $71,000 matters for bullish momentum. If that does not happen, attention may shift toward $68,600 and lower supports. Across both on-chain and technical analysis, the main message is the same: the rebound is real, but confirmation of a lasting turning point is still missing.