Key Insights:
- Bitcoin swept trendline support before bouncing sharply back above the $65K level.
- Glassnode supply-in-profit metric decline revives debate over potential Bitcoin market bottom formation.
- Holding $65K support could open path toward $70K resistance in coming sessions.
Bitcoin trades at $65,773 after slipping below $65,000 earlier in the session. The asset is down 3.2% in 24 hours and 4.01% over the past week. Trading volume stands near $38.9 billion.
Price briefly moved under recent lows before rebounding. The reaction has brought focus back to the $65,000 level.
Trendline Sweep Sparks Short-Term Bounce
On the 1-hour chart, Bitcoin broke beneath a descending trendline near $64,500–$64,700. The move swept liquidity below equal lows. Soon after, a strong green candle pushed price back above the broken level.
Kamran Asghar wrote that “$BTC swept trendline lows” and pointed to a “sharp bounce from support.” Price climbed into the $65,500–$66,000 range following the sweep.
Even with the bounce, Bitcoin remains below the $67,000–$68,000 zone. That area marks recent local highs. The short-term structure has not shifted unless price builds higher lows above $65,000.
Glassnode Metric Fuels Bottom Claims
On-chain data has renewed discussion about a possible market floor. The BTC Total Supply in Profit metric has fallen from 2024–2025 highs. In past cycles, deep drops in this metric appeared near bear market lows.
CryptoJack said “BTC has reached the bottom,” referencing Glassnode data. Previous cycles in 2012, 2015, 2018, and 2022 showed sharp declines in profitable supply before multi-month recoveries.
The current reading has dropped but has not matched the deepest levels seen in prior bear markets. Market participants are watching whether the metric stabilizes as price attempts to hold support.
$65K Becomes Key Pivot Level
On the 2-day chart, Bitcoin dipped below $65,000 before closing back above it. Ted Pillows noted that if price holds this level, there is “a decent chance of a rally above $70,000.”
The $65,000 zone now acts as short-term support. Below it, the next major area sits near $60,000. Resistance appears around $72,800, followed by $74,000–$77,000.
Bitcoin trades above reclaimed support but below overhead supply. Upcoming closes will show whether the bounce develops into a broader recovery or stalls under resistance.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Source: https://coincu.com/analysis/bitcoin-reclaims-65k-after-trendline/