BTC struggles to confirm a bullish reversal as traders eye $61,775 as critical support following a sharp decline.
Bitcoin has rebounded from a low near $59,100 but remains below the pivotal $61,775 level, which analysts identify as a make-or-break support zone. The recent bounce follows a steep pullback that breached a regression channel, raising concerns about sustained bullish momentum.
The $61,775 level marks the point of control from Bitcoin’s recent consolidation range, making it a key technical threshold. Bulls aim to defend the $63,200 to $63,850 area, but failure to hold $61,775 could weaken the short-term recovery case. While BTC has gained over the past week, it lags broader crypto performance and remains negative on longer timeframes.
Traders are debating whether the dip to $59,100 formed a double-bottom pattern, but the broader trend remains under pressure. The 20-day exponential moving average is now a focal point for near-term direction.