Bitcoin surged more than 8%, climbing above the $69,000 mark in a strong rebound that signals a potential shift in market sentiment after months of sustained selling pressure and compressed trading.

The rally follows a steep correction in which Bitcoin fell nearly 50%, dropping from an early-October high of about $125,000 to a February low near $60,000.

This decline pushed the asset below its estimated average production cost—currently around $66,000—for the first time since late 2022, a zone historically associated with late-stage selling pressure and eventual price stabilization.

The move back above $69,000 suggests that bearish momentum may be weakening, with price-based and miner-linked indicators pointing toward exhaustion in the recent downtrend.

Technically, Bitcoin’s recovery gained strength after bouncing from the critical 0.786 Fibonacci retracement level near $62,000, a zone that had previously served as strong daily support.

Buyers consistently defended this level across multiple trading sessions, and the subsequent rally was supported by expanding trading volume, indicating fresh market participation rather than temporary short covering.

The price has now re-entered the trading range that defined January’s market structure, shifting focus to the next key resistance zone in the mid-$70,000s, known as the point of control where trading activity was previously concentrated.

A successful reclaim of this level would restore Bitcoin’s position above its volume-weighted center and strengthen its near-term outlook, while rejection could keep the asset range-bound despite the recent upward momentum.

Mining data provides additional context to the recovery, as the Hash Ribbon indicator—which tracks miner stress and recovery cycles—is nearing a recovery signal after nearly three months of intense miner capitulation, one of the longest such periods on record.

During these phases, miners often sell reserves to sustain operations, adding downward pressure on price; however, as hash rate stabilizes, forced selling typically declines.

Historically, similar miner stress periods since 2011 have frequently aligned with major or local Bitcoin bottoms, including key market turning points in 2015, 2018, and 2022.

Despite the rebound, on-chain data shows that a significant portion of Bitcoin supply remains held at a loss, suggesting potential overhead resistance.

Meanwhile, crypto-linked equities responded positively, with Coinbase rising over 13%, MicroStrategy gaining more than 8%, and Robinhood climbing over 6%, reflecting renewed optimism across the broader cryptocurrency market ecosystem.