Bitcoin Reclaims $65,000... Will It Finally End the Sideways Market This Time?

▲ Bitcoin (BTC) / ChatGPT-generated image

Bitcoin (BTC) has reclaimed the psychological threshold of $65,000 amid extreme market volatility, signaling a potential breakout from its prolonged consolidation phase.

According to Cointelegraph on February 25 (local time), Bitcoin successfully rebounded as its recent downward trend eased, currently trading near $65,604. Over the past three weeks, Bitcoin has fluctuated within a narrow range between $65,000 and $70,000, compressing energy within this box pattern. The latest rebound, emerging as supply and demand across the broader digital asset market reached equilibrium, suggests that much of the downward pressure weighing on the market has been alleviated.

From a technical perspective, Bitcoin briefly broke out of its established trading range over the past 48 hours but quickly recovered above support levels, demonstrating resilience. This recovery serves as a positive indicator that investor sentiment has improved in the short term. The outlet projected that, if supported by favorable macroeconomic signals, Bitcoin could launch a full-scale rally toward its first resistance level at $67,674.

The most critical level in Bitcoin’s near-term trajectory is $70,000. This price point acts as both a technical resistance and a strong psychological barrier, and a decisive breakout and consolidation above it would be necessary to confirm a transition into a long-term bull market. If the rebound momentum continues, combined buying pressure from institutional and retail investors could drive further price gains.

However, selling pressure has not completely disappeared, and downside risks remain. If the current rebound proves short-lived and selling intensifies again, Bitcoin could retreat to the $62,893 support level. Should this key support collapse, triggering a decisive structural breakdown, the price could fall further toward $60,860, raising the risk of entering a deeper correction phase.

Bitcoin is currently passing through a critical inflection point as it attempts to establish a bottom at the tail end of the downturn, and the recovery above $65,000 may mark the first step toward restoring market confidence. Market participants are closely watching whether the price can break through upper resistance within the range to establish new highs or whether it will face another prolonged period of testing support levels. Upcoming economic data releases and shifts in supply and demand are expected to be key variables determining Bitcoin’s short-term direction.

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