Foreign media analysis suggests that after a pullback, Bitcoin is retesting support near $74,500, a level that has repeatedly appeared in market observations over the past few months. Whether the price can hold this level in the coming days may determine whether it stabilizes and rebounds or continues to decline.
$74,500 serves as a short-term turning point.
The report noted that this price range served as resistance multiple times in March, before being broken upward in April. Now that Bitcoin has returned to this level from above, market attention has shifted to whether the support remains valid.
Analysts believe that the pullback since the May high resembles a three-wave decline rather than a more complete, continuous downward structure. This is seen as a signal that selling pressure has not yet fully expanded. Meanwhile, preliminary signs of a rebound near $74,500 indicate that buying interest is still attempting to defend this level.
First, look at $78,236 above.
If the subsequent pullback continues, the short-term support range cited in the report is between $74,860 and $76,200. The first key resistance level above is $78,236.
If the price rebounds above this level and further recovers the 200-day moving average near $79,100, the short-term weak pattern will significantly ease, and the market may retest the $82,000 area near May’s high.
If support is broken, it may continue to decline.
Another scenario is that Bitcoin fails to hold at $74,860 and continues to decline further. If this trend develops, the market may view the May high as a temporary top, potentially expanding the downside correction range.
The report mentions that, in a bearish scenario, the price may initially decline to $56,000, with a deeper adjustment target potentially around $44,000.
U.S. stocks remain an important reference.
Analysts also emphasized that the correlation between Bitcoin and U.S. equities remains a key indicator for short-term analysis. As long as the S&P 500 and Nasdaq indices continue their upward trend since their March lows, the likelihood of Bitcoin experiencing a significant slowdown decreases.
In other words, unless the U.S. stock market first shows clearer signs of correction, the likelihood of Bitcoin sharply breaking below key support in the short term is relatively limited. Therefore, in the coming period, the market will continue to closely monitor U.S. stock market performance alongside Bitcoin’s price movements.