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Improving Risk Appetite Fuels Rebound, Bitcoin Eyes Another Test of the $70,000 Level
Summary:
Easing tensions between the United States and Iran, combined with a recovery in market risk appetite, have helped drive a rebound across the cryptocurrency market. Although Bitcoin remains in a medium-term corrective phase, technical indicators suggest bearish momentum is fading. As long as key support levels remain intact, the market could extend its advance toward and beyond the $70,000 mark.
Buy
TradingBTC-USDT
EXP
65969.5
Entry Price
72001.0
TP
60000.0
SL
65582.1 -741.0 -1.12%
0
Point
Flat
60000.0
SL
CLOSING
65969.5
Entry Price
72001.0
TP
Fundamentals
Over the past several trading sessions, risk sentiment has improved significantly following a preliminary agreement between the United States and Iran, which helped ease geopolitical tensions. The total cryptocurrency market capitalization rose approximately 2.1% over the past 24 hours to $2.36 trillion, extending the recovery that began from early-June lows.
Meanwhile, SpaceX's successful IPO further boosted investor confidence, attracting capital into growth-oriented and higher-risk assets. Part of this capital flowed back into cryptocurrencies, allowing the market to find solid support near its 200-week moving average. From a structural perspective, the current rebound is still more likely to be viewed as a corrective rally following the decline from May's highs rather than the beginning of a new bull market cycle.
The stabilization of the broader crypto market has also benefited major digital assets. Bitcoin found strong buying interest around the $60,600 area, significantly easing short-term selling pressure. Investors are largely adopting a wait-and-see approach as they await clearer directional signals for the next major move.
Technical Analysis
Bitcoin traded near $66,300 on Tuesday, extending the rebound that began over the weekend. However, from a trend perspective, the price remains below its 50-day, 100-day, and 200-day moving averages and has yet to reclaim the previously broken ascending trendline. As a result, the medium-term technical outlook remains bearish.
On the positive side, the daily Relative Strength Index (RSI) has recovered to around 46, indicating that oversold conditions are gradually being repaired. At the same time, the MACD has turned positive and moved above the zero line, suggesting downside momentum is weakening and bearish control is gradually fading.
Should selling pressure continue to ease and prices break through nearby resistance levels, Bitcoin could launch another challenge toward the psychological $70,000 level and potentially test higher upside targets.
Overall, improving risk sentiment has triggered a technical rebound in Bitcoin, while both MACD and RSI indicate diminishing bearish momentum. As long as the $64,000 support region remains intact, the current recovery structure is likely to continue, paving the way for another attempt toward the $70,000 area. Although the longer-term trend has yet to fully reverse, short-term bulls are beginning to regain control.
On the downside, the first major support level is located near $64,010. A sustained break below this area could open the door to a deeper correction toward the $60,000 region. Conversely, if support holds, Bitcoin is likely to remain in a broad consolidation range below its major moving averages while building momentum for its next directional move.
Trade Recommendation
Trade Direction: Buy
Entry Price: 65,100
Target Price: 72,001
Stop Loss: 60,000
Valid Until: 2026-07-15 23:55
Support Levels:64,745, 63,615, 60,670
Resistance Levels:67,428, 70,676, 72,410
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