Bitcoin stays below $75,000 for an 18th day… experts say a short-term rebound attempt is possible

Bitcoin (BTC) has been trading below $75,000 for an 18th day, dampening investor sentiment. Even amid macro uncertainty, however, some on-chain and derivatives indicators are showing signs of improvement, fueling talk of a short-term bounce.

On the 23rd (local time), Cointelegraph, citing analyses from multiple experts, assessed that “it is too early to conclude that the $60,200 level posted on Feb. 6 was the cycle low, but amid liquidity concerns and valuation pressure on tech stocks, a combination of improving mining indicators and shifts in futures positioning could allow Bitcoin to attempt a short-term recovery back to $75,000.”

Recently, Bitcoin slid intraday to as low as $64,200 amid macro headwinds including a pullback in global equities and U.S. President Donald Trump’s decision to raise the baseline import tariff by 15%. The downtrend has persisted as risk-off sentiment intensified. Past episodes, however, suggest that when signals emerge of easing liquidity conditions, prices tend to rebound quickly. A notable example is the sharp rally over the months following the U.S. Federal Reserve’s expanded support for funding markets in March 2020.

On the supply-demand front, some changes are being detected. In the CME Bitcoin futures market, large speculators have recently shifted from net short to net long. Historically, such positioning changes have coincided with major bottoming phases.

Mining metrics are also flashing signs of stabilization. After the hashrate fell about 25% in January, it has now largely recovered. The latest ASIC rigs released in 2024–2025 are assessed to remain profitable even with power costs of $0.07 per kWh. This suggests the likelihood of a sharp surge in miner selling pressure is limited.

While short-term volatility may persist, the market is placing more weight on a base-building phase within a range rather than a structural breakdown. Ultimately, liquidity conditions and whether risk appetite for risky assets returns are expected to be key to any attempt to reclaim the $75,000 level.