Bitcoin briefly surged to $74,000 before pulling back to around $71,000, with the move up largely retracing war-driven losses and then giving back about a third of that rebound. Bitcoin got to $74,000 and ran out of further buying pressure. BTC surged nearly 12% from Saturday’s lows before stalling.
Bitcoin pulled back to $70,987 by mid-day East Asia time, down 2.2% over the past 24 hours after Thursday’s surge carried it to its highest level since early February. The rally from Saturday’s war-driven low near $64,000 to Thursday’s $74,000 peak amounted to roughly 15% in five days, but the retreat since has given back about a third of that move. The push to $74,000 triggered concentrated short liquidations, while long leverage liquidation clusters sit around $70,000.
The $70,000 level that was resistance for a month is now the first test of support. Holding it would suggest the breakout is real. Losing it puts the $64,000 floor back in play. Bitcoin hitting both at the same time makes $74,000 a technically crowded level.
Chart watchers such as FxPro chief analyst Alex Kuptsikevich pointed to the rejection coincided with the 61.8% Fibonacci retracement and just below the 50-day moving average, two technical barriers that tend to attract sellers in bear market rallies. Secondary liquidity pools are near $64,000.
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