Bitcoin holds $71.4K support as $78K target returns

• BTC bounced from short-term holder cost basis identified as strongest near-term support
• Long-term gains historically follow reclaiming this level; risks remain if trend line breaks

On June 1, 2026, Cointelegraph reported that Bitcoin rebounded from its short-term holder cost basis at $71,400, recognized via Glassnode’s on-chain data as the strongest near-term support. This level marked a decisive zone for market participants, as BTC surged to $74,000 after holding above it.

Historical analysis shows that when Bitcoin reclaims the short-term holder cost basis, the price has averaged gains of 2.3% over 30 days—indicating a typical move to ~$75,700. Over longer periods, these gains have reached 21.9% in 90 days (around $90,200) and 36.6% in 180 days (approximately $101,100), according to Glassnode data cited by Cointelegraph.

On-chain analysis shows renewed bullish sentiment as the cost basis is defended. Market focus now returns to the previously established resistance at $78,000 and further rally targets in the $90,000–$101,000 range, dependent on continued strength at the critical support zone.

Meanwhile, the $71,400–$72,500 range remains pivotal for Bitcoin’s trajectory. As long as bulls defend this support zone, upside targets at $78,000 and beyond remain actionable. If BTC closes below the rising support trend line, however, technical risks could lead to steeper declines toward lower support regions between $50,000 and $60,000.

As of June 1, 2026, 01:09 UTC, Bitcoin (BTC) is trading at $73,489.97, with a -0.652% change in 24-hour trading volume, according to CoinMarketCap.