Bitcoin rebounds after Strategy selloff as $62,000 support holds
Bitcoin rebounded after Strategy's sale of BTC triggered a sharp decline toward the $62,000 level. However, selling pressure proved short-lived, and buyers quickly regained control of the market.
The main event for Bitcoin was Strategy's sale of 3,588 BTC. Following the announcement, Bitcoin briefly fell by more than 3.5%, but the decline did not last long. Buyers rapidly absorbed the selling pressure, highlighting continued demand around current price levels.
This resilience is also reflected in U.S. spot Bitcoin ETF data. The funds recorded net inflows of more than $265 million, suggesting that institutional capital is gradually returning to the market.
Glassnode also pointed to improving market conditions in its latest weekly report. According to the firm, Bitcoin is gradually entering a consolidation phase. Realized selling volume continues to decline, open interest in long futures positions is rising again, and options traders are pricing in a much lower probability of further downside.
Support at $62,000 becomes the next key test
Bitcoin briefly fell below $62,000, but sellers failed to establish control at lower levels. Buyers quickly stepped in, pushing the price back above $64,000.
The subsequent recovery was fueled by a localized short squeeze, allowing BTC to climb to around $64,700. Nevertheless, it is still too early to conclude that a full trend reversal is underway.
Over the coming days, $62,000 will remain the key technical support level. A decisive break below it would significantly increase the probability of another test of the psychological $60,000 level.
If buyers successfully defend this support, Bitcoin could extend its recovery toward the 50-day simple moving average (SMA). The next major resistance zone would then be between $66,000 and $67,000.
Bitcoin recovery still needs stronger confirmation
While U.S. spot Bitcoin ETFs have shifted from net outflows to net inflows, it is still too early to conclude that institutional capital has fully returned.
At the same time, short-term speculative capital is beginning to re-enter the market. Although this supports liquidity, such inflows are often accompanied by higher volatility in the weeks ahead.
Despite Bitcoin looking considerably more resilient than it did several weeks ago, it is still premature to declare the end of the current bear trend.
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