Bitcoin eyes $78K after rebound from $71K support

• Bitcoin’s $71,400 support attracts strong buyers; price targets set at $78,200, $90,000, and $101,000
• Bear flag pattern signals risk of drop to $50,000–$60,000 if support fails

On June 1, 2026, Cointelegraph reported that Bitcoin rebounded from its key on-chain support near $71,400, a level defended by short-term holders. This support, identified as the “strongest near-term” by Glassnode, shows conviction among bullish investors. The bounce improves the outlook for further price gains, with targets at $78,200, $90,000, and potentially $101,000 within six months. These targets reflect historical price moves after similar rebounds.

Glassnode data indicates that after breakouts from comparable support levels, Bitcoin has averaged price increases of 2.3% over 30 days, 21.9% over 90 days, and 36.6% over 180 days. The historical hit rate for reaching these upside targets climbed to nearly 80% after six months. However, technical analysis points to downside risk: Bitcoin’s rebound happened at the lower boundary of a bear flag pattern. If $71,400 support fails, projections suggest a possible drop toward the $50,000–$60,000 range.

Bullish holders continue to defend their positions at current levels, supporting positive market sentiment. Yet ETF outflows and miner selling during late May 2026 added volatility and downward pressure, according to Sherwood News and cryptonews.net. These factors highlight mixed macro-level sentiment about Bitcoin’s near-term direction.

As of June 1, 2026, 02:09 UTC, Bitcoin (BTC) trades at $73,425.443, with a 0.779% drop in 24-hour trading volume, according to CoinMarketCap.