Bitcoin faces a critical test at the $70,000 support level, with analysts warning that a failure could lead to a retest of its $60,000 yearly low from February. While some traders forecast further downside later this year, others believe holding current levels could trigger a breakout toward $76,600 and potentially ignite an altcoin market rally. Concurrently, sustained outflows from spot Bitcoin ETFs, totaling nearly $3 billion over ten days, suggest the market may be approaching a bottom.
Bitcoin could fall toward its February yearly low if it fails to maintain support above $70,000, according to a crypto analyst. Michael van de Poppe of MN Trading Capital said in an X post that if the level doesn’t hold, he anticipates buying below $65,000. Bitcoin reached a yearly low of $60,000 in early February before recovering to around $74,000 at the time of publication, according to CoinMarketCap.
Market participants are divided on whether the February low marked the cycle’s bottom. Veteran trader Peter Brandt forecasted in March that Bitcoin could retest or move slightly lower than $60,000 by September or October. Van de Poppe, however, said he does not anticipate “new lows.”
Economist Timothy Peterson said in an X post that Bitcoin may grind higher over the summer but will top out by the last week of July. Van de Poppe noted the current structure differs from February’s breakdown, with the $71,000 area being a crucial support level. He stated that holding this zone would prevent deeper corrections.
If the current price level holds, van de Poppe said Bitcoin could break through to $76,600. He added that such a break would likely lead to new highs and a strong altcoin summer. Meanwhile, crypto analytics firm Santiment Intelligence recently said sustained Bitcoin ETF outflows may suggest the market bottom is nearing an end.
Spot Bitcoin ETFs have logged outflows for ten consecutive trading days. Total net redemptions exceeded $2.97 billion since May 15, stated Peterson. Total net assets held across these ETFs dropped from $104.29 billion to $94.17 billion in two weeks, a decline of roughly $10 billion.
