Bitcoin (BTC) Jumps 6% Toward $70,000 as US Bond Buybacks Boost Markets

Bitcoin (BTC) gained almost 10% yesterday, with the move supported not only by improving technical conditions but also by an important fundamental catalyst. The announcement of government bond buybacks helped improve market sentiment and created a more favorable environment for risk assets. Against this backdrop, Bitcoin’s latest breakout could open the door to further upside, although several important resistance levels remain ahead.

Bitcoin (BTC) technical analysis

BTCUSD - 1 Day Time Frame

From a technical perspective, Bitcoin had been stagnating around the psychological level of 60,000 USD since June. This period can be viewed as a corrective range, during which the market lacked a clear directional impulse. The latest move has changed this picture. Bitcoin has now broken out of this corrective area and is moving toward the 0.5 Fibonacci retracement level of the external bearish structure, located around 70,280 USD. This level is important because it can act as a major reaction point during internal corrections within broader external structures.

The area above the 0.5 Fibonacci level represents the Premium zone, which is typically considered a more favorable area for sell-side positioning within an external bearish structure. For that reason, the reaction around 70,280 USD could be particularly important. Although the technical structure calls for caution near this level, the current fundamental backdrop could support further upside. If Bitcoin maintains bullish price action through this area, the market could continue toward higher liquidity zones.

Bitcoin (BTC) price target

Based on the current structure, a long position could be considered, with a protective Stop Loss below 62,500 USD. This level represents a key risk area for the current bullish setup, as a move below it could weaken the breakout structure and reduce the likelihood of continued upside. On the upside, potential Take Profit levels are located at the nearest Buy-Side Liquidity zones, around 74,200 USD, 78,100 USD, and 82,800 USD. These levels could serve as potential upside objectives if Bitcoin continues to build on its breakout from the 60,000 USD range.

For now, Bitcoin presents an improving technical and fundamental setup following its almost 10% daily move. The breakout from the corrective range around 60,000 USD supports the bullish scenario, while the fundamental catalyst could provide additional support to the current market sentiment.

The key level to monitor remains the 0.5 Fibonacci retracement at 70,280 USD. A constructive reaction around this level could keep the focus on the Buy-Side Liquidity zones at 74,200 USD, 78,100 USD, and 82,800 USD. A negative reaction from the Premium zone, however, could indicate that the external bearish structure is beginning to regain control.

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