Bitcoin has stabilized near $70,300 after finding what analysts described as a potential bounce area around $64,000. The move comes after a sharp market drop and has put focus back on whether the latest rebound can develop into a broader recovery across crypto.
Analyst Michaël van de Poppe said traders are closely watching $74,500, $76,600, and $80,600 as the next major resistance levels. Those prices now stand at the center of the short-term market structure. On the downside, support is seen at $60,750 and $59,600, with deeper possible lows at $56,560 and $53,340.
Altcoins Show Relative Strength as Volume Builds Near Support
Strength is not limited to Bitcoin. Van de Poppe also said altcoins are “acting stronger,” a sign that selling pressure may be easing across a wider part of the market. That matters. During the recent decline, trading volume rose around support zones, and higher activity in those areas is often read as a sign that buyers are stepping in.
The chart structure also points to a possible shift in momentum, with the moving average line starting to curve upward. It is still an early signal, not confirmation. Price reaction around resistance remains the main test for whether this recovery can extend.
Total Crypto Market Cap May Have Bottomed at $2 Trillion
Crypto Seth added a broader market view, saying the total crypto market capitalization may have formed a bottom near $2 trillion. He noted that the weekly RSI became oversold for the first time since 2022, adding that the RSI on total market cap drops below 30 only about once every four years, and that event has now occurred.
In his view, support for the total market cap sits around $2.05 trillion to $2.15 trillion, while resistance is near $3.01 trillion. He also pointed to $752 billion as a historical support level from prior cycles, a reference point that remains relevant in long-term chart analysis.
Long-Term Uptrend Holds, but Risk Events Still Matter
Seth’s chart suggests the longer-term trend remains upward despite recent volatility. At the same time, he warned that unexpected shocks could still send the market to new lows. He specifically mentioned the collapse of major exchanges or token failures as examples. The rebound is visible, but the downside scenario has not disappeared.
For now, Bitcoin’s immediate hurdles remain $74,500 and $76,600, while the broader market is watching the $3 trillion capitalization area. If volume continues to build near support, that could point to an accumulation phase. If those levels fail, the latest recovery attempt may come under pressure again.