Analyst: Bitcoin is at a critical price level, and if it cannot hold, it may drop below $65,000

Michael van de Poppe, founder of MN Trading Capital, posted on platform X, stating, "Bitcoin is at a critical price level, and if it cannot hold, it will drop below $65,000." However, he believes that a new low will not occur. In that case, Bitcoin would fall below $61,000, where the 200-day moving average is located. Further declines would be meaningless, as this would not yield good results in any market cycle. However, this structure is different from the decline in February. The reason is that the resistance level in February failed to convert into a support level.

Currently, the $71,000 area remains a key support level. Poppe believes that this support must hold to prevent further pullbacks. If it can hold, then the $61,000-$65,000 range will be an excellent buying opportunity for Bitcoin in the coming years. If this support holds, then the second phase target is to break through $76,600. If this price level is breached, a new high is imminent, and a strong altcoin summer rally is likely to be seen.