Bitcoin Tests $71,000 Support as Break Could Send It Below $65,000
Summary
- Michael van de Poppe said Bitcoin could extend its rebound if it holds the $71,000 support level.
- He said a break below the support level near $70,000 could send Bitcoin under $65,000, though a fresh low is unlikely.
- Despite 10 straight trading days of net outflows from U.S. spot Bitcoin ETFs, the market is focused on whether the $71,000 support level holds as the key determinant of near-term direction.
Forecast Trend Report by Period
Bitcoin is testing a key support zone, with its near-term direction hinging on whether it can hold around $71,000. A rebound could continue if that level holds, but a break could drag the token below $65,000.
BlockBeats reported on June 1 that Michael van de Poppe, founder of MN Trading Capital, sees Bitcoin at a critical price level.
He said Bitcoin could fall below $65,000 if it fails to hold support near $70,000. Still, he said the current market structure differs clearly from the selloff in February, making a fresh low less likely.
Van de Poppe identified $71,000 as the market's most important support level. If that area holds, Bitcoin could attempt to break resistance at $76,600, opening the way for a broader upswing across the digital-asset market.
If Bitcoin breaks above $76,600, "a new all-time high could come into view," he said. Altcoins could also gain strong momentum in that scenario.
Near-term gains may remain limited, however. Economist Timothy Peterson said Bitcoin could rise gradually this summer and peak around late July, though he expects the overall move to remain relatively muted.
Flows for U.S. spot Bitcoin exchange-traded funds remain a headwind. The funds have logged net outflows for 10 straight trading sessions, with cumulative net withdrawals since May 15 exceeding $2.97 billion. Total assets have also fallen from $104.29 billion to $94.17 billion.
Still, crypto analytics firm Santiment said persistent ETF outflows can at times signal that the market is nearing a stepwise bottom. For now, whether Bitcoin can hold support at $71,000 remains the key variable for its near-term direction.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
