Bitcoin’s Downside May Be Limited, With $75,000 Support Crucial
Summary
- Analyst Michaël van de Poppe said Bitcoin is unlikely to suffer a sharp decline from current levels.
- He identified $75,000 as Bitcoin’s key support level and said the token could rise toward $90,000 if that level holds.
- Bitcoin recently faced a short-term pullback amid rising US Treasury yields and a stronger dollar, but institutional demand and inflows into spot exchange-traded funds (ETFs) have continued.
Forecast Trend Report by Period
Bitcoin may be unlikely to slide into a sharp selloff from current levels, with the market closely watching whether a key support zone holds.
Crypto analyst Michaël van de Poppe wrote on X on May 21 that both equities and Bitcoin could resume their rebound if surging US Treasury yields and crude oil prices stabilize.
He identified $75,000 as Bitcoin’s key support level. Holding that range could open the way for a move toward $90,000, near the 50-week moving average on the weekly chart.
Market volatility has increased recently as investors weigh the path of US interest rates and geopolitical risks in the Middle East. Some analysts believe demand for risk assets could recover if macroeconomic uncertainty eases.
Bitcoin recently came under short-term pressure from rising US Treasury yields and a stronger dollar. Institutional demand and inflows into spot exchange-traded funds, or ETFs, have continued.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
