Bitcoin is currently at a critical juncture - I’ve observed that BTC has bounced off the $60,000 support zone and is now approaching $68,000. But the real question is whether this rally is sustainable or just a temporary correction.

The daily chart looks a bit complicated. BTC is still below the 100-day and 200-day moving averages, and also below the descending trend line. This means that until Bitcoin surpasses $76,000, it cannot be considered a genuine bullish rally. The horizontal resistance in this area is quite strong — the previous support level has turned into supply.

On the 4-hour chart, BTC is consolidating within an ascending channel. Recently, there was rejection in the $72,000-$75,000 range, indicating that sellers are still active at these levels. The RSI has also turned away from overbought, suggesting short-term momentum has weakened.

Regarding on-chain data, NUPL (Net Unrealized Profit and Loss) is around 0.20 — significantly below the cycle high. This indicates that the market has reduced its emotional exuberance, which is a healthy sign. But it only creates better conditions — the real confirmation will come when BTC breaks through these key resistance levels.

For buyers right now, the key is to defend the support zone of $64,000-$65,000 and stay within the channel. If this breaks, BTC could revert back toward $60,000. On the upside, breaking $76,000 will be the real test.