Bitcoin price climbed more than 7% today, pushing above $69,000 and marking one of its strongest daily moves during months of sell-offs.
The rally follows weeks of compressed trading and comes as several price-based and miner-linked signals point to exhaustion in the recent drawdown.
The bitcoin price fell close to 50% from its early-October high near $125,000 to a February low around $60,000. That decline placed bitcoin below its estimated average production cost for the first time since late 2022, a zone that has often aligned with late-stage selling and price stabilization.
Current estimates put average production near $66,000, meaning the market has spent weeks pricing bitcoin below what many miners need to remain cash-flow neutral.
The rebound through $69,000 shifts focus back to price structure. Bitcoin bounced from the 0.786 Fibonacci retracement near $62,000, a level that aligned with prior daily support, according to Bitcoin Magazine Pro data.
Buyers defended that zone across multiple sessions before the bitcoin price turned higher. The rally off that base unfolded with expanding volume, suggesting fresh participation rather than short covering alone.
Where’s the bitcoin price headed?
Bitcoin price now trades back inside the range that defined most of January. The next area in focus sits near the point of control around the mid-$70,000s, where trading activity concentrated before the breakdown.
A reclaim of that zone would place bitcoin back above its volume-weighted center and reset the near-term structure. Failure to do so would keep price range-bound despite the rebound.
Mining data adds context but price remains the driver. The Hash Ribbon, which tracks short- and medium-term hash rate trends, sits close to a recovery signal after nearly three months of miner stress. That period ranks among the longest capitulations on record. During such phases, miners often sell reserves to cover operating costs, adding steady supply to the market.
As the hash rate begins to recover, that forced selling tends to ease.
Since 2011, similar mining stress events have aligned with local or major bitcoin bottoms roughly 20 times, including early 2015, late 2018, and late 2022. In each case, price stabilized before trend direction resolved. Still, those signals work best as context rather than timing tools.
Despite the rally, bitcoin faces overhead pressure. On-chain data shows a large share of supply remains held at a loss.
Today, crypto‑exposed stocks broadly rallied in tandem with Bitcoin’s rebound. Coinbase (COIN) surged over 13%, Strategy (MSTR) over 8%, and Robinhood (HOOD) over 6%.