Bitcoin Price Surges 7.5% To $69,000 Amid Exhaustion and Stabilization

The bitcoin price has made a significant recovery in recent days, surging 7.5% to reach $69,000. This marks one of the strongest daily moves since months of sell-offs, and is seen as a sign of exhaustion in the recent drawdown. Several price-based and miner-linked signals are pointing to stabilization, with the Hash Ribbon tracking short- and medium-term hash rate trends nearing a recovery signal.

While this may indicate that miners are easing their forced selling, it's essential to note that mining data adds context but price remains the driver. The rebound off the 0.786 Fibonacci retracement near $62,000 is seen as a key factor in the rally, with expanding volume suggesting fresh participation rather than short covering alone.

As the bitcoin price trades back inside its previous range around $70,000, attention turns to the point of control in the mid-$70,000s. A reclaim of this zone would place the market above its volume-weighted center and reset the near-term structure. However, if prices fail to reach this target, they may remain range-bound despite the rebound.