Michaël van de Poppe, an analyst known in the cryptocurrency markets, evaluated the price withdrawal that Bitcoin experienced at the beginning of the week. Netherlands-based investor and market commentator Van de Poppe stands out with his technical analysis and market views, especially on social media.
The Reason for the Weekend Correction
According to Van de Poppe, the decline in Bitcoin price observed on Friday was due to the risk reduction trend before the weekend rather than a structural change in the market. It was stated that many investors reduced or closed their positions in preparation for weekends when liquidity is generally low. In this case, it does not seem possible to talk about a major change in direction or a fundamental deterioration.
The analyst thinks that there may be a short-term retreat during the week, but this process will be limited by closing the gap in CME futures. Van de Poppe reminded that such price gaps occur especially on weekends and the relevant levels are usually tested in the market at the beginning of the following week.
Price Chart and Key Levels
After the harsh sales wave in January and February, the price of Bitcoin dropped to $ 65,117. This level is pointed out by the analyst as “rising bottom support”. With the gradual recovery that has occurred since then, the resistance zone between $ 76,604-80,646 stands out. In the technical part of the analysis, it is also noted that $ 100,739, above $ 86,549 and $ 91,892, are critical levels that must be passed for the market to gain strength again. It is stated that there are large-scale sell orders and short positions above these levels, so an upward move could trigger this liquidity.
Van de Poppe says, “The $65,117 level remains the main support and the recovery structure continues as long as the price remains above this level. Falling below this support may indicate the continuation of the downward trend.”
The first main target is shown as the $ 75,000-80,000 band. This region stands out as the resistance area where current selling pressure intensifies and new buyers will be welcomed. It seems that if the price permanently exceeds this threshold, it will create a new opportunity to reach the upper resistances respectively.
Short Term Market Mechanism
It is emphasized that the possible price decline over the weekend is a typical market behavior, resulting from the desire to fill CME gaps. Such temporary withdrawals are not of a nature to disrupt the general recovery trend; Rather, it is seen as the market completing a formation.
During the correction and subsequent rise of Bitcoin from its peak at the beginning of the year, important indicators in the market also point out that structural support continues. Van de Poppe attributed the mobility of long-term investors and the fact that the supply on the stock exchanges dropped to the lowest level since 2017, to the strong market base.
The continuation of net inflows to ETFs on a weekly basis and the increase in the whale rate are among other factors showing that the risk appetite in the market is maintained. Thus, the levels highlighted by the analyst in his technical analysis seem to be compatible with the current market dynamics.
How long it will take for the price to approach the 75,000-80,000 dollar band in the coming days may depend on macroeconomic developments and the effects of the upcoming meeting of the US Federal Reserve.
