Analysis: $71,400 is the key support level for Bitcoin, and if held, it could rebound to $78,200.

BlockBeats News, May 31st, Cryptocurrency analyst Marcus Corvinus stated that Bitcoin recently rebounded from a key on-chain support level near $71,400. This level corresponds to the average holding cost of 3 to 6-month HODLers and is currently the most important short-term support area for BTC. Corvinus believes that since this group is still in a profitable state, there is a strong incentive to hold this price range. If the rebound continues, the next target for BTC may be $78,200, which corresponds to the average holding cost of 6 to 12-month investors.

Glassnode data shows that since 2017, after Bitcoin has broken above the cost basis of 3 to 6-month HODLers, the average price increase in the next 90 days is 21.9%, and in 180 days is 36.6%. Based on the current price of around $74,000, the corresponding target prices would be around $90,200 and $101,100. However, from a technical perspective, the BTC daily chart is still within a bearish flag pattern. If it breaks below the current support trendline, the price may further decline to the range of $50,000 to $60,000.