Bitcoin near $71K support; analysts eye $65K downside
Bitcoin trades near $71,000 support; analysts say a break could push it toward $65,000, while holding above $71,000 could open a path to about $76,600.
Bitcoin is trading around the $71,000 support level and faces a range of scenarios from analysts. A break below that zone could send the price toward the mid-$60,000s, while holding above it could allow a move toward roughly $76,600.
Michael van de Poppe, founder of MN Trading Capital, wrote on X that his team would look to buy below $65,000 if the $71,000 area fails to hold. He contrasted the current market structure with the breakdown seen in February, saying the earlier range resistance did not act as support then. Van de Poppe added that if current support holds, Bitcoin could climb to about $76,600 and support broader gains in alternative tokens.
Bitcoin fell to a yearly low near $60,000 in early February before recovering. The price stood near $73,873 at the time of publication. Market participants remain divided on whether the February low marked the cycle bottom or if further declines could occur later in the year.
Veteran trader Peter Brandt cautioned in March that $60,000 may not be the ultimate low for 2026 and forecast a potential retest or a move “slightly lower” in September or October. Economist Timothy Peterson posted that Bitcoin could grind higher through the summer but would likely top out by the last week of July, adding, “It will still be relatively lackluster, though.”
Crypto analytics firm Santiment reported sustained outflows from spot Bitcoin exchange-traded funds. Spot Bitcoin ETFs recorded ten consecutive trading days of outflows, with net redemptions exceeding $2.97 billion since May 15. Total net assets in those funds declined from $104.29 billion on May 15 to $94.17 billion as of Friday, a drop of about $10 billion in two weeks.
Traders and analysts are watching the $71,000 zone as a short-term inflection point where technical support, ETF flows and positioning meet. If that level breaks, some expect a move back toward the mid-$60,000s; if it holds, others project a push toward the mid-$70,000s and renewed interest in alternative cryptocurrencies.
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