Many traders expect Bitcoin to stage a short-term relief bounce toward $70,000, but the broader technical setup remains bearish for BTC.
Bitcoin’s (BTC) brief plunge toward the $60,000 area triggered more than $600 million in long liquidations, raising doubts over whether the latest rebound marks a real bottom or only a relief bounce after a leverage flush.
BTC fell to roughly $61,300 on Thursday before recovering 5.52% to around $64,690, with the rebound coinciding with reports that Israel and Lebanon had agreed to implement a ceasefire.
BTC/USD four-hour chart. Source: TradingView
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