Heaven and Hell in a Day Can Bitcoin Hold 70,000 Dollars Over the Weekend?
Heaven and Hell in a Day Can Bitcoin Hold 70,000 Dollars Over the Weekend?
[Weekend Crypto Outlook] Bitcoin surges 9% to chase down the $70,000 level... the weekend will be the turning point
[Market Watch] After bottoming at $63,000, a ‘V-shaped rebound’... whether it can settle at $70,000 amid reduced weekend liquidity is key
Bitcoin (BTC), which had been pushed down to the $63,000 level in the shock of “Black Thursday,” has surged more than 9% in just one day and is now on the verge of reclaiming $70,000. The market is watching price movements with bated breath, as relief that the immediate crisis has passed coexists with caution over potential profit-taking that could emerge over the weekend.
◇ From $63,000 to $71,000 in a single day... a “roller-coaster market”
As of 10:20 a.m. KST on the 7th, CoinMarketCap data show that Bitcoin is trading at $69,911.53, up 9.17% from 24 hours earlier. After plunging to $63,704.90 just a day ago and plunging the market into fear, Bitcoin demonstrated strong resilience, touching an intraday high of $71,681.31 as bargain-hunting buyers stepped in.
While the current price remains about 44.59% below its peak, a swift technical rebound following the short-term plunge suggests investor sentiment is emerging from its worst phase.
◇ Will it settle above the “psychological $70,000 barrier”? Weekend volatility alert
Market attention is focused on whether Bitcoin can firmly establish itself above the psychological resistance level of $70,000 over the weekend. At present, Bitcoin is hovering around the $69,900 range, repeatedly attempting to break above $70,000.
Experts are highlighting the unique characteristics of weekend trading. Typically, institutional participation declines and trading volume (liquidity) thins over weekends, which can amplify price volatility even with relatively small volumes. If Bitcoin fails to hold above $70,000 and profit-taking emerges, a retest of the $68,000 level cannot be ruled out.
Conversely, if upward momentum is maintained, Bitcoin is expected to attempt a further advance beyond the previous 24-hour high of $71,681 toward the $72,000 level.
An industry insider said, “Confirming strong bottom support in the $63,000 range is positive,” but added, “It is still too early to call this a full trend reversal, and whether $70,000 holds over the weekend will be the key variable determining the market’s direction next week.”
Disclaimer: This article is for investment reference only, and no responsibility is taken for investment losses based on it. The content should be interpreted solely for informational purposes.
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