Bitcoin at $73K: $71K support test looms as downside risk emerges
In brief
- Bitcoin trades near $73,000 after February low of $60,000, testing key support levels
- Michael van de Poppe identifies $71,000 as critical support; break risks $65,000 downside
- Bitcoin above $76,600 could trigger new highs and altcoin rally, van de Poppe says
- Spot Bitcoin ETFs logged $2.97 billion in outflows over ten consecutive trading days since May 15
- Market divided on whether February $60,000 marked cycle bottom or further declines ahead
The pivotal level
Bitcoin reached a yearly low of $60,000 in early February before recovering to current levels. Van de Poppe, founder of MN Trading Capital, says the token is now at a crossroads. The $71,000 area is crucial — if it holds, Bitcoin could stabilize. If it breaks, downside to below $65,000 becomes a real risk.
Van de Poppe emphasized that this structure is "different than the previous breakdown in February," suggesting the current price action doesn't mirror the earlier sell-off. He doesn't anticipate new lows for Bitcoin, a bullish stance that contrasts with some other market watchers.
Upside scenario
If Bitcoin holds current levels, van de Poppe sees an upside path. The token could break through to $76,600 and trigger a broader crypto market uptrend. Beyond that, if Bitcoin breaks above $76,600, new highs are around the corner and a strong altcoin summer is likely.
Other analysts are less optimistic. Economist Timothy Peterson said Bitcoin may grind higher over the summer but will top out by the last week of July, with performance remaining "relatively lackluster." Veteran trader Peter Brandt forecasted in March that $60,000 may not be the lowest level for 2026, with Bitcoin potentially retesting or moving slightly lower in September or October.
ETF pressure
Spot Bitcoin ETFs are signaling weakness. They've logged outflows for ten consecutive trading days, with total net redemptions exceeding $2.97 billion since May 15. Total net assets held across spot Bitcoin ETFs dropped from $104.29 billion on May 15 to $94.17 billion as of Friday, a decline of roughly $10 billion in two weeks.
Crypto analytics firm Santiment Intelligence recently noted that sustained Bitcoin ETF outflows may suggest the market bottom is nearing an end. The divergence between on-chain sentiment and institutional fund flows adds another layer of uncertainty to Bitcoin's near-term path.
The market remains divided. Some traders see February's $60,000 as a cycle low; others expect Bitcoin to test that level again or go lower. Van de Poppe's call hinges on whether $71,000 holds — a test that could come sooner rather than later.
