Bitcoin Teases ‘First Steps’ To Rebound as $65,000 Holds

Bitcoin (BTC) battled US sellers at Monday’s Wall Street open amid mixed feelings over the short-term BTC price outlook.

Key points:

• Bitcoin price targets include a $60,000 drop as well as a recovery amid uncertain moves.

• Bitcoin attempts to absorb repeat rounds of selling into the TradFi trading week.

• US tariffs remain the key macro catalyst on the radar.

Bitcoin outlook splits with BTC in “tricky place”

Data from TradingView showed rangebound market moves focusing on $66,000, with BTC/USD down around 2.5% on the day.

US weakness compounded an already bearish start to Monday, with sell-side pressure clearly in evidence at the weekly open.

“$BTC flushed 4.5K in one move,” crypto analyst IT Tech, a contributor onchain analytics platform CryptoQuant, wrote in his latest market commentary on X.

IT Tech described current price moves as indicating “confusion,” warning that the day’s $62,250 lows could come in for a retest.

“The long cluster at 64.2K got partially swept. If 65K fails, we retest it. Support: 65K → 64.2K / Resistance: 66.5K → 68.7K,” he summarized. 

Trader Jelle eyed a potential sweep of the $60,000 mark should bulls fail to build a foundation in the current narrow range.

Others were more hopeful. Commentator Exitpump flagged an ongoing tentative recovery in the Coinbase Premium as an early sign that conditions might improve.

“We had aggressive spot buying, but it stopped for now, funding is negative and Coinbase premium is almost back. Tricky place, but I am bullish here,” Exitpump told X followers.

Crypto trader, analyst and entrepreneur Michaël van de Poppe had similar feelings on the day.

“Pretty good wick on the markets for $BTC,” he wrote about the local lows. 

“That would be a signal that this won’t continue to fall, however, it still needs to hold above $65K and get continuation in the coming days to clearly signal this. First steps are great.”

Tariffs provide “immediate catalyst” for crypto

US stocks continued a nervous start to the week on futures, thanks to the threat of fresh US trade tariffs.

Related: Hodlers have ‘given up’ at $65K: Five things to know in Bitcoin this week

The 15% blanket levies were announced by President Donald Trump over the weekend after the Supreme Court struck down some previous measures.

Responding, trading company QCP Capital described the tariff debacle as an “immediate catalyst” for Bitcoin.

“This escalation has added another layer of policy uncertainty at a time when macro risk appetite is already thinning,” it wrote in its latest “Asia Color” market update.

QCP also attempted to find a reason for optimism, noting the lack of a broad market flush around the headlines.

“After several aggressive flushes this year, both the scale of volatility spikes and the intensity of liquidation cascades have somewhat moderated,” it continued. 

“Even on the latest tariff headline from Trump, spot didn’t immediately gap lower on the news as it typically has in prior episodes, instead softening into the Asia open. That shift in reaction function is notable.”