Bitcoin’s sharp rebound from last week’s plunge into the low-$60,000s has stalled near $70,000, leading traders to view the move as a classic bear-market relief rally rather than the start of a new uptrend.
Analysts warn that heavy overhead supply, fragile sentiment and thin liquidity could trigger another test of key long-term support around the 200-week moving average and the $60,000 area.
Trading data show a broad risk-off unwind, with spot volumes on major exchanges down about 30 percent since late 2025 and retail participation fading, conditions that can fuel sharp price swings without a clear capitulation bottom.
