Bitcoin Bounces Back from Key Support Zone, Eyes $78K Level

Bitcoin's recent price action has sparked renewed interest among analysts and investors. According to data from Glassnode, the cryptocurrency is currently rebounding from its key on-chain support zone, with many expecting the $78,000 level to become a major focal point for bulls.

This comes as Bitcoin's short-term holders have been defending their cost basis of around $71,400. A sustained move above this level could put pressure on bears and pave the way for a push towards $100,000 by year-end, according to some analysts.