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Bitcoin Reclaims $60K as Market Sentiment Improves, but Key Resistance Still Caps the Recovery

Bitcoin climbed back above the $60,000 mark on Wednesday as broader market sentiment stabilized following comments from U.S. Federal Reserve Chair Kevin Warsh. Although the Fed continues to prioritize returning inflation to its 2% target, Warsh noted that inflation risks and near-term inflation expectations have eased in recent weeks. His remarks helped improve risk appetite across financial markets, supporting both cryptocurrencies and traditional safe-haven assets.

Gold rebounded above $4,000, while Bitcoin attracted fresh buying interest after several weeks of heavy selling. Data from CoinGlass also points to improving sentiment in the derivatives market. Over the past 24 hours, roughly $272 million in short positions were liquidated, compared with $170 million in long liquidations. The higher level of short liquidations suggests bearish traders were forced to exit positions as prices recovered, reinforcing the latest upside move.

Technical Analysis

Bitcoin is attempting to establish a near-term bottom after an extended corrective phase. The $59,000–60,000 area has repeatedly attracted buyers, indicating that demand is beginning to absorb selling pressure. While this support has held so far, the broader trend has not yet shifted in favor of the bulls.

Price action continues to trade below major resistance levels, and every recovery attempt has so far lacked sustained momentum. Nevertheless, technical indicators are showing early signs of improvement. The MACD histogram has started to recover from deeply negative levels, suggesting downside momentum is gradually weakening even though a confirmed bullish crossover has not yet formed.

The next hurdle lies between $61,500 and $62,500. A decisive move above this zone would strengthen bullish sentiment, while a breakout above $64,500 on strong volume would provide stronger confirmation that the recent downtrend has ended and could pave the way for a broader recovery.

Conversely, failure to hold above $59,000 would likely put sellers back in control. A breakdown below this support could expose Bitcoin to another decline toward $57,000, with $55,000 acting as the next major downside objective.

Market Perspective

The latest rebound suggests selling pressure is beginning to fade, but the market has not yet delivered a confirmed trend reversal. Bitcoin remains trapped between strengthening support and overhead resistance, making the next few trading sessions particularly important. A breakout above resistance would shift momentum back toward the bulls, while a loss of support would revive the broader bearish trend.

$BTC ‌