BTC experiences a fierce and tumultuous rebound back to the 70,000 level. Are the bulls making a comeback?

Half of the market participants are starting to find some balance, with some regretting not adding to their positions and others regretting cutting losses and exiting.

Looking back at the chart, Bitcoin dropped from 80,000 last week to 59,800, causing many to feel heartache. A decline of 20,000 to 30,000 points caught many off guard. This historic plunge, dubbed a black swan, was a heavy blow.

Resistance levels are shifting between 71,600 and 72,000, with a break above targeting the 73,200 level. Support levels are at 69,100 and 68,600. If it falls below 69,300, then 69,100 may not hold, and traders might look to the next support level for entry.

In the short term, moving averages are forming a golden cross, and the price is above the short-term moving average, indicating increased short-term momentum. However, a bullish engulfing candlestick pattern suggests a potential reversal.

BTC trading suggestion: 68,888–68,388, with a 800-point stop-loss. Target 71,600, and if broken, look towards 72,000–72,800.