Bitcoin has bounced from a support area around 58,400, and the source article places the next upside target at 65,000. That support zone sits between the pivotal 58,400 level and the lower daily Bollinger Band, an area the article says previously stopped the earlier minor impulse wave 1 at the start of June.
58,400 is the level traders are watching
According to the source material, Bitcoin remains under bullish pressure after reversing higher from that zone. The article treats 58,400 as a technically important floor because it aligns with an earlier turning point in price action and also overlaps with the lower edge of the daily Bollinger Band.
If the rebound continues, the daily chart could form a Bullish Engulfing candlestick pattern. The article describes that setup as a strong buy signal for Bitcoin. It does not add volume data, on-chain metrics, or other confirmation beyond the chart-based signals.
Oversold momentum and risk sentiment support the case
The article also points to an oversold daily Stochastic reading as part of the argument for a recovery. It pairs that with improved risk sentiment across crypto markets following encouraging US inflation data, which the author presents as a supportive backdrop for higher prices.
Based on those factors, the source expects Bitcoin to advance toward 65,000, identified as the target for completion of the active minor correction ii. The article also states that the analysis reflects the author’s views only and does not constitute advice or a recommendation.