Bitcoin rebounded from a flush to $63,000 and some traders expect a move above $70,000, yet two analysts are warning of another sharp decline first. EduwaveTrading outlines an expanding ending diagonal pattern with a swing low target just above $62,000 and potential extension below $59,000, while Behdark also sees room for a drop toward $61,000 before a more sustainable uptrend can form.

According to 10x Research on Tuesday, Bitcoin has reclaimed its 20-day moving average near $68,500, with compressed volatility, stronger ETF flows and the disappearance of the Coinbase discount suggesting selling pressure is weakening. Analysts highlighted that support around $62,500 has held multiple times and that bullish divergences in RSI and stochastic indicators point to stabilizing momentum, but they still classify Bitcoin as being in a bear market regime, implying any bullish positions should remain tactical.

On 27 February, former Mt. Gox CEO Mark Karpeles proposed a Bitcoin hard fork aiming to reroute 79,956 BTC from a dormant address tied to the 2011 hack to a recovery wallet managed by the exchange's trustee. The idea, inspired by Ethereum's 2016 DAO fork, was rejected within 17 hours as the community argued it would undermine Bitcoin's immutability and set a dangerous precedent. Bitcoin's price remained above $65K with a market cap of $1.33 trillion, reinforcing its position as the largest crypto asset.

Bitcoin ended February with its fifth consecutive monthly loss, only the second such sequence in its history, after dropping about 15% to roughly $63,000 before a rebound to $68,600 at the start of March. Some traders are increasing upside call option exposure ahead of the next Federal Reserve meeting, while analysts compare the current pattern to the 2018–2019 cycle that preceded a 308% rally and outline key support zones near $65,000 and $58,000.

Bitcoin attempted a strong move above $68,000 and briefly reached a high of $70,100 before sellers capped the advance. The price is now consolidating above $68,000 and the $67,500 support area, while traders watch resistance at $69,200 and $69,500 for signs of a fresh push toward $70,000. A drop below $67,500 could open the way to deeper support zones around $65,650 and $64,200.

According to CoinShares' latest weekly report, digital asset investment products saw about $1 billion of inflows over the last week, ending roughly five weeks of cumulative $4 billion outflows. Bitcoin funds led the recovery with approximately $881 million in new capital, while Ethereum and Solana products also attracted inflows even as broader markets remained under pressure. US-based products contributed the bulk of the fresh investments, and analysts noted that long-term spot Bitcoin ETF holders appear largely undeterred by recent price corrections.

Bitcoin has traded in a tight range around the mid-$60,000 area since breaking below the $70,000 mark in early February, with price remaining under key short-term moving averages. According to CryptoQuant analyst Darkfost, Short-Term Holders are sitting on roughly 26.3% average unrealized losses at about $66,000, a level that has often aligned with late-phase corrections in past cycles. While the $62,000–$63,000 zone is acting as support and $68,000–$69,000 as resistance, momentum remains bearish even as volatility compresses.

Bitcoin futures open interest has fallen to $32 billion, the lowest level since August 2024, even as BTC’s price recently bounced from $63,000. At the same time, options data shows a put-to-call premium near 0.7 and $7.5 billion in CME futures open interest, indicating that institutions still participate but with reduced bullish leverage. Onchain holdings by public companies and daily spot ETF volumes above $3 billion further suggest that institutional exposure has not disappeared.