Bitcoin Tests $70,000 Support as Dip-Buying Orders Top $500 Million

Bitcoin has rebounded from an earlier bout of selling, but derivatives leverage has not recovered in tandem. That suggests the rally is more of a post-deleveraging recovery than a broad influx of fresh bullish capital. Velo data showed futures open interest fell from 282,000 BTC to 255,000 BTC during the sell-off, putting the focus on whether bids below the market can absorb renewed selling pressure.

Bitcoin briefly recovered to around $64,000 on Monday, June 8. Spot cumulative volume delta improved by about 11,000 BTC from the previous Friday, while the funding rate turned positive at 0.0013%. Traders also placed bids for about 2,565 BTC between $57,000 and $59,000, worth $162 million at a market price of $63,300. Binance’s order book showed a similar concentration of liquidity.

Bitcoin’s “realized price” reflects holders’ average on-chain cost basis and is widely used to gauge whether investors are willing to defend profitable positions. On-chain analytics firm Glassnode said the cost-basis range for holders who have owned Bitcoin for three to six months has become the short-term dividing line between bulls and bears. A break below it could mean the recent rebound is merely a pause in the decline.

On May 31, 2026, Bitcoin rebounded 2.5% from around $72,500 and recovered to $74,000 on Sunday. Glassnode data identified $71,400 as the key near-term cost-basis support, with the next target at $78,200. Following similar breakouts since 2017, Bitcoin has gained an average of 36.6% over six months, with a 79.2% probability of rising, suggesting it could reach $101,100 by year-end.

Bitcoin has rebounded since falling to its 2026 low of about $60,000 in February, but the market has yet to confirm whether the bear-market bottom is in. The $70,000 level is both a psychological threshold and close to a recent line of support from buyers; a break below it could alter the structure of the rebound. Veteran trader Peter Brandt warned in March that the low could move lower, underscoring divided views on where the cycle will bottom.

Citing CoinMarketCap, Cointelegraph reported on May 30 that Bitcoin was trading at $73,873. MN Trading Capital founder Michaël van de Poppe said a break below $70,000 could send it under $65,000, while holding that level could pave the way for a move above $76,000. He does not expect Bitcoin to set a new low for the year.

Bitcoin recently established key support at $75,600, coinciding with a record high for the U.S. S&P 500 and technology-sector earnings that lifted risk appetite. The $80,000 level is seen as the dividing line between bullish and bearish momentum. A decisive break above it would shift the market’s focus to a target of $85,000.

Market tracking on May 20 showed Bitcoin rebounding from a low of $75,600, first reclaiming $77,000 and then rising to about $77,700 intraday. Traders are watching whether it can retake $80,000. Meanwhile, inflows into DOGE and SHIB strengthened, signaling increased short-term speculative demand, though bearish positioning continued to weigh on the market.

Bitcoin has rebounded about 36% from a macro low of $60,000 as technical momentum has rapidly strengthened. A reading of 70 marks the overbought threshold on the daily relative strength index, or RSI. Each of the four similar signals over the past year was followed by a short-term pullback, making Bitcoin’s ability to hold $78,000 critical to determining whether the rally continues or gives way to a correction.

Bitcoin rose to $82,800 on May 6, 2026, while its daily RSI climbed to 70 from a March low of 39. Cointelegraph reported on May 8 that the 200-day exponential moving average, at about $83,000, was acting as resistance. CoinGlass data showed that a break below $78,000 could liquidate more than $3.1 billion in leveraged long positions across the market and send Bitcoin down toward $75,000–$76,000.

Bitcoin had repeatedly encountered resistance since February 8 at around $76,688 along a descending channel. After its recent breakout from a three-month range, whether that former resistance can become support is now key to confirming a trend reversal. CryptoQuant data show that US spot Bitcoin ETFs have an average cost basis of about $76,700, underscoring the area's importance to market confidence.

On April 27, 2026, Bitcoin climbed as high as $79,485, just $515 shy of $80,000, before retesting $76,500. Hyblock data showed a negative $38.6 million long-short position delta. If the price rebounds to $77,500, short-side exposure could rise to $153 million. CoinGlass also estimated that about $4.48 billion in short positions could face liquidation near $80,000.

Bitcoin has seen buying significantly outpace selling near $65,000, indicating that investors are actively buying the dip. This rare trading setup matters because sustained market support could ease near-term selling pressure and create conditions for a rebound from recent lows.

The latest data puts BTC’s key threshold at $66,700. Analysts say holding consistently above that level could trigger a relief rally toward $71,000, representing a potential gain of about 6.4%. The reports did not identify the data provider, the date of the figures or the observation period.

Bitcoin has recently traded in a volatile range near $66,000, driven by selling pressure at the U.S. stock market open and expectations surrounding U.S. government tariff policy. Oil’s return to above $100 a barrel has intensified inflation concerns and pressure on risk assets. That has made $65,000 a key battleground between bulls and bears, with a break below it potentially putting the psychological $60,000 level to the test.

As of July 19, 2026, market views compiled by Cointelegraph were sharply divided. Some traders said BTC remained resilient, while analysts described $65,000 as an “entry zone” but warned that failure to hold the level could send the price back to $60,000. Near-term attention is focused on U.S. equities, tariff developments and oil prices above $100 a barrel.

Bitcoin retreated after reaching a high of about $126,000 in October 2025 and traded between $60,000 and $70,000 from February 2026. Glassnode uses UTXO Realized Price Distribution, or URPD, to track the price at which BTC last moved on-chain and gauge investors’ cost bases. Areas with concentrated holdings often provide support, but do not guarantee that prices will stop falling.

Glassnode data showed that, as of March 10, 2026, BTC held within that price range had risen from about 997,000 coins on January 1 to 1.558 million, an increase of nearly 600,000 BTC worth about $42.48 billion and representing nearly 8% of circulating supply. An April 8 update put the total at 1.846 million BTC, up 844,000 since the start of the year and accounting for 9.23% of circulating supply.

Following Bitcoin’s retreat from its previous peak, most medium-term holders are sitting on unrealized losses, making a dense cost-basis zone an important threshold for identifying a trend reversal. CryptoQuant on-chain data show that holders who have owned BTC for six months to two years have an average cost basis of about $74,500. A move back above that level could ease selling pressure from investors seeking to break even and revive market demand.

Cointelegraph reported on Feb. 26, 2026, that BTC had rebounded 7.45% over two days after falling to $62,400, while support at the roughly $64,200 realized price for 18- to 24-month holders had held for the time being. CoinDesk reported on March 24 that BTC was trading at about $71,238. FxPro said the cryptocurrency would still need to hold above $75,000 to confirm that the decline was over.