Bitcoin price dropped below $69,000 on Thursday before rebounding toward $70,766, pulling back into its six-week range after a push above $76,000. According to analysts, traders are now watching whether buyers can hold the range and build enough momentum for another move higher.
In addition, derivatives activity played a major role in the pullback. The Coinbase premium gap turned negative after a period of firm demand, pointing to weaker follow-through from US-based buyers.
Bitcoin has reclaimed the $70,000 area, and that move has shifted focus to whether buyers can keep control above that level. Meanwhile, the $72,000 mark now stands as the main pivot. If price moves above it, Bitcoin could retest $76,000, where it faced resistance earlier in the range.
On the downside, $68,300 stands as the first major support below the market. If price falls under that level, focus could shift to $65,000 and then $62,000, where higher-time-frame liquidity sits. In the same way, traders are also tracking $73,000 as an important base. Bitcoin needs to stabilize above that level to confirm stronger buyer support.
Bitcoin’s lower-time-frame structure now mirrors the correction seen from March 6 to March 8. During that move, the price declined, swept liquidity, and then reversed higher. Likewise, the current setup is following a similar pattern, with consecutive lower lows forming as selling pressure begins to slow.
The relative strength index is adding to that picture. During the March rebound, RSI held equal lows while price printed a lower low. The pattern signaled weakening downside momentum. A similar divergence is now forming, and the rebound case remains in place as long as support levels hold.
Liquidation data is also reinforcing the setup. In both phases, strong long liquidations reduced open interest and cleared overleveraged positions from the market. Consequently, that reset can change short-term positioning and open the way for a sharper move once the price finds support.
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The crypto market rebound followed a coordinated policy response from several major economies. On March 19, Britain, France, Germany, Italy, the Netherlands, Japan, and Canada issued a joint statement on the Strait of Hormuz. The statement condemned attacks on commercial vessels and civilian infrastructure, called for safe maritime passage, and backed efforts to stabilize energy markets.
The same statement welcomed the release of petroleum reserves and support for higher oil output from producing nations. Those measures arrived as governments sought to address supply disruptions linked to the conflict around the Gulf. Oil prices moved lower after the announcement, although the broader market remained sensitive to developments in the region.