Bitcoin, if it breaks $71,000, then '$65,000'...Fear of key support line collapse spreads

▲ Bitcoin (BTC) decline/AI generated image

Bitcoin (BTC) is at a critical juncture to defend the $71,000 support line, with warnings that a failure to defend could open up buying opportunities below $65,000.

According to cryptocurrency media outlet Cointelegraph on May 30 (local time), Michael van de Poppe, founder of MN Trading Capital, stated that Bitcoin is currently at a key inflection point, and if it fails to maintain support above $70,000, the area below $65,000 could become a buying zone. He said, “Bitcoin is at a crucial level, and if it doesn't hold, we will buy below $65,000.”

Bitcoin rebounded after hitting an annual low of $60,000 in early February, and at the time of writing, it was trading at $73,873 according to CoinMarketCap. Opinions are divided in the market as to whether $60,000 in early February was the bottom of this cycle. Veteran trader Peter Brandt predicted in March that Bitcoin might not have hit its 2026 low yet, and could retest or slightly fall below $60,000 in September or October.

Van de Poppe drew a line through the possibility of forming a new low. He assessed that the current structure is different from the breakdown in February. In February, the range resistance did not turn into support, but this time, the area around $71,000 is a key support zone to prevent a deeper correction, he explained. He analyzed that Bitcoin must hold this zone to avoid further declines.

Conversely, if the current price level is maintained, Bitcoin could attempt to break through $76,600. Van de Poppe believes that if this level is surpassed, new highs are near, and there is a high possibility of a stronger altcoin summer. This is interpreted as Bitcoin's direction not just being a simple short-term rebound but leading to a broader recovery in risk appetite across the cryptocurrency market.

Economist Timothy Peterson predicted that Bitcoin could rise moderately during the summer but might form a peak in the last week of July. However, he assessed that this upward trend might be a relatively lukewarm movement rather than a powerful rally.

Bitcoin spot ETF fund flows have also emerged as a key variable in the market bottom debate. Santiment analyzed that continuous Bitcoin ETF outflows could signal an approaching market bottom. Bitcoin spot ETFs recorded outflows for 10 consecutive trading days, with total net redemptions exceeding $2.97 billion since May 15. The total net assets of Bitcoin spot ETFs decreased by approximately $10 billion in about two weeks, from $104.29 billion on May 15 to $94.17 billion as of Friday.

*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*