Bitcoin steadied near $70,600 after a sharp drop and a quick weekend rebound. Now, two chartists point to $72,000–$75,000 as the level that could set the next direction.
BTC holds near $70,500 after sharp drop, chart highlights key support zones
Bitcoin rebounded over the weekend after a steep selloff, and it traded near $70,572 on the two day BTC USDT chart from Binance. The latest candle showed a gain of about 2.5%, with price rising from an open near $68,854 to a high around $70,983. Still, price sat below a marked resistance line near $72,825, which the chart treats as a key decision point.
Bitcoin/TetherUS 2D Binance. Source: TedPillows on X
The chart, shared by trader TedPillows on X, shows Bitcoin sliding from the low $90,000s into a fast breakdown that briefly pushed into the low $60,000s before snapping back. Because that move cut through prior ranges, the chart emphasizes nearby demand levels around $65,944 and $60,421, with another lower level marked near $55,123. In other words, the rebound came after Bitcoin touched zones that previously acted as support.
TedPillows said $72,000 is the main level to watch. He added that a move through that area could shift attention toward the $76,000 to $80,000 region shown on the chart as an overhead zone. At the same time, he pointed to $68,800 as another level in focus, tying it to a CME gap that traders often monitor for potential fills.
Bitcoin trades near $70,700 as Ali Charts compares BTC path to S&P 500 recovery
Bitcoin hovered around $70,707 on the chart shared by Ali Charts, as the analyst argued BTC could mirror a recent S&P 500 pattern if it regains a key support level. The graphic places the S&P 500 on the left and Bitcoin on the right, showing both markets dropping sharply, then bouncing, with the next phase framed as a potential climb if support returns.
S&P 500 vs Bitcoin comparison. Source: Ali Charts on X
On the S&P 500 side, the index rebounds after a deep dip and then grinds higher into 2026, with the latest reading labeled near $6,836. The Bitcoin side shows a similar sequence, with a steep selloff into early 2026 followed by a quick recovery move. A horizontal line sits near the mid $70,000 area, which the chart treats as a pivot that separates a deeper retrace from a stronger recovery path.
Ali Charts said reclaiming $75,000 as support would “significantly increase the odds” that Bitcoin follows the same type of post dip advance shown in the S&P 500 panel. Until then, the chart presents BTC as still below that threshold, which keeps the level as the main reference for whether the rebound holds or fades.
Source: https://coinpaper.com/14626/bitcoin-price-prediction-points-to-75-k-test-after-weekend-bounce
