Bitcoin eyes $78K after 2.5% rebound from $71,400 support

• Bitcoin jumps after defending key on-chain support
• Bulls target $78K; technical risks remain near-term

On June 1, 2026 (UTC), Cointelegraph reported Bitcoin rebounded 2.5% from a $71,400 support zone, putting $78,000 back in focus for bulls. The support corresponds to the average cost basis of holders with coins aged three to six months, a group currently in profit and motivated to protect price levels, according to Glassnode data and analyst Marcus Corvinus.

The strong reaction at this support reinforced bullish sentiment, as historical patterns show rebounds from active holders’ cost basis can lead to extended rallies. Analysts set $78,200 as an immediate upside target, with a clear move above that level likely to confirm a bullish reversal. If the pattern holds, medium-term forecasts suggest Bitcoin could approach $90,200 within three months and potentially reach $101,100 over six months, based on Cointelegraph’s analysis.

Despite the recent recovery, technical risks remain as Bitcoin trades near the lower boundary of a bear flag pattern—formed after a sharp drop from the 2026 high below $98,000. While a decisive push above support could drive prices to $90,000, a breakdown below the trend line could open the door to a deeper drop toward the $50,000–$60,000 area.

Broader factors such as ETF outflows and market volatility also weigh on Bitcoin’s outlook. Analysts continue monitoring these variables, especially activity around the critical $71,400 support zone.

As of June 1, 2026, 08:09 UTC, Bitcoin trades at $72,698.77, down 1.48% over the past 24 hours, according to CoinMarketCap.