Bitcoin Relief Rally. How Far Can It Retrace?Bitcoin / TetherUSBINANCE:BTCUSDTDukesMarketAnalysis$60,000 Support Produces A Reaction • Bitcoin briefly swept below the February low, printing a fresh low at $59,130. • Buyers stepped in immediately, producing a bounce from one of the most important support levels on the chart. This was likely a short-term technical buying occurrence. Volume Profile Highlights Key Resistance • The highest volume node on the VRVP sits around the $61,000 area. • Price is now attempting to reclaim that zone after initially breaking below it. Bears Still Control The Trend • Bitcoin remains well below the bearish 21-day EMA, which continues to slope lower. • Until that changes, rallies are likely to be viewed with caution. Fibonacci Resistance Looms Above • The 0.382 Fibonacci retracement sits around $68,191. • This represents the first major upside hurdle should the recovery continue. Momentum Recovering From Oversold Conditions • RSI has bounced from oversold territory. • StochRSI has turned higher, suggesting there may still be room for a larger relief rally in the short term. Bigger Picture Remains Fragile • Selling volume expanded during the decline but has eased during the rebound. • Unless bulls can reclaim higher resistance levels, the risk remains that this develops into another lower high before a move back towards major monthly support around $49,000. In Summary Bitcoin has staged a bounce after sweeping the key February low at $60,000, but the recovery remains in its early stages. Momentum indicators have improved and price is attempting to reclaim the high-volume area around $61,000, yet the broader trend remains bearish while trading below the falling 21-day EMA. A move towards the $68,191 Fibonacci level is possible, but bulls still have significant work to do before the larger technical picture begins to improve.