Bitcoin Rebounds Above $71K as $78K Target Returns

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Bitcoin Rebounds Above $71K as $78K Target Returns — Image source: Unblock Media

Bitcoin bounces from $71,400 on-chain support, setting sights on $78,200
ETF outflows drive volatility, but bulls defend key levels

On May 31, 2026, Cointelegraph reported that Bitcoin rebounded sharply from the $71,400 realized price, representing the cost basis for the three-to-six-month holder cohort. This group has historically influenced medium-term market direction and is currently motivated to protect this support level, which analysts call the "strongest near-term support" due to significant profitability. The rebound followed a dip to $72,500 during the prior weekend.

Bitcoin's recovery from this cohort's cost basis brings $78,200 into focus as the immediate upside target. If bulls sustain momentum and defend the current level, historical Glassnode data indicates a positive-return probability of 66.7% at three months and 79.2% at six months after similar signals. In those intervals, Bitcoin has averaged gains of 21.9% and 36.6%, pointing to potential price targets of $90,200 in three months and $101,100 in six months.

Technical risks persist, however. The bounce occurred at the lower boundary of a bear flag pattern, and a daily close below this level could trigger a deeper pullback toward $50,000–$60,000. Cointelegraph noted that maintaining the current support would strengthen bullish momentum, while a breakdown could lead to notable downside.

Recent ETF outflows have contributed to volatility. On May 27, 2026, CoinDesk reported that U.S. Bitcoin ETFs saw over $1 billion in outflows for the week, putting pressure on Bitcoin near $75,000. This included a $1.29 billion dark-pool sale from BlackRock’s ETF. Sherwood News, on May 30, 2026, confirmed Bitcoin hit a six-week low below $73,000 as outflows persisted and sentiment turned bearish. Increased trading volumes and options expiries in late May added to short-term volatility.

As of May 31, 2026, 18:08 UTC, Bitcoin (BTC) trades at $73,569.38, marking a -0.46% change in 24-hour volume, according to CoinMarketCap.