Bitcoin bounced hard after a sharp drop to $65,000 wiped out longs and then squeezed shorts on the way back above $67,000. Still, charts now show that the next move may depend on whether BTC can break through the $69,000 to $70,000 zone or face another rejection. Bitcoin Swings Hit Both Sides as BTC Rebounds Above $67,000 Bitcoin saw sharp two way volatility after dropping to $65,000 and then quickly rebounding above $67,000, according to CryptoReviewing on X. The move reportedly wiped out $257 million in long positions during the selloff. Soon after, the rebound liquidated another $136 million in short positions. BTC Liquidation Heatmap. Source: CoinGlass The chart also showed thin liquidity between $68,500 and $69,500. That suggests Bitcoin could sweep that area if price keeps moving higher. At the same time, the $63,500 to $66,500 range still holds roughly twice as many liquidation clusters. Because of that, the post described this lower zone as the more likely area for a revisit from a liquidity perspective. As a result, both bulls and bears were caught in the move. Bitcoin first flushed lower, then reversed fast, leaving traders on both sides liquidated within a short period. Bitcoin Rebounds From $65K, but $69K to $70K Stays Critical The chart shows Bitcoin on the 2 day Binance BTCUSDT timeframe testing a major support turned resistance area. BTC bounced after touching the $65,000 zone. That matches the lower dashed support band around $65,816 to $66,318. So far, buyers defended that area after the sharp drop. BTCUSDT 2D Chart: Source: Ted Pillows on X However, the bigger structure still looks weak. Price lost the former support zone around $69,000 to $70,000. On the chart, that area now sits below the red resistance line near $72,824 and under the broader red supply zone around $75,500 to $76,472. Because of that, any move back into $69,000 to $70,000 could act as a retest rather than a clean recovery. The white arrows outline three possible paths. The first shows BTC reclaiming the nearby range, moving into $69,000 to $70,000, and then pushing toward the $75,500 to $76,500 resistance block. The second shows a bounce into that same zone followed by rejection and another move lower. The third, more bearish path, shows price failing near current levels and falling toward the next supports around $60,421, $59,801, $55,123, and even $52,507. So the key takeaway is simple. Bitcoin held $65,000 for now, but the chart still treats $69,000 to $70,000 as the next major test. If BTC gets rejected there, the downtrend idea stays active. If it reclaims that zone and holds above it, then the market could aim higher.
