Bitcoin Rebounds to $74K as Bulls Eye $78K Target

• Bitcoin bounced from key support at $71,400, driving price above $74,000.
• Immediate bullish targets are $78,200 and $90,000, with technical risks of correction to $50,000–$60,000.

On May 31, 2026, Cointelegraph reported that Bitcoin rebounded from significant on-chain support near $71,400, the average cost basis for three-to-six-month holders. This support level historically marked strong near-term demand, and the recent bounce pushed the cryptocurrency above $74,000. Analysts noted that short-term holders defended their positions, reinforcing the market’s bullish momentum.

Market analysis showed $78,200 is the next critical resistance for bulls. According to Marcus Corvinus, this level will determine whether Bitcoin sustains its current momentum or faces renewed selling pressure. Past rebounds from similar support levels have led to medium-term upside, with price targets including $90,200 over three months and up to $101,100 within six months, based on historical returns.

However, technical risks remain as Bitcoin’s price action continues to trace the lower edge of a developing bear flag pattern. If the support at $71,400 fails and Bitcoin confirms a breakdown below the trend line, analysts expect a deeper correction. Such a move could push Bitcoin's price toward the $50,000–$60,000 range, representing a significant retracement from current levels.

Immediate upside targets for Bitcoin are set at $78,200 in the short term and $90,000 over the medium term. Meanwhile, the main risk is a breakdown from current support, which could accelerate losses to the $50,000–$60,000 area, according to Cointelegraph and on-chain data from Glassnode.

As of May 31, 2026, 17:09 UTC, Bitcoin (BTC) is trading at $73,418.68, with a -0.49% change in 24-hour trading volume, according to CoinMarketCap.