Analyst says key test for BTC is holding $70K support

Bitcoin's rebound has stalled at a resistance zone where the 61.8% Fibonacci retracement level and the 50-day moving average converge, with an analysis identifying $70,000 as a critical support level and $64,000 as the next downside level to watch. According to CoinDesk, a worsening macroeconomic environment—including the war in Iran, soaring oil prices, and a strong U.S. dollar—has cast doubt on the sustainability of the rally. The outlet added that BTC's previous rebound was driven by a short squeeze rather than an influx of new buying pressure.