Crypto
Bitcoin Analyst Reveals He’s Buying BTC as Price Hits $69,000: Here’s Why
Spot ETFs have lost $1.72B in six days, yet Michaël van de Poppe is adding Bitcoin near $69,000.
BLOCKINSIDERLoadingSpot ETFs have lost $1.72B in six days, yet Michaël van de Poppe is adding Bitcoin near $69,000.
Bitcoin dropped to around $69,000 on Friday, and crypto analyst Michaël van de Poppe used the dip to add to his position.
In a post on X, he said he has been buying Bitcoin today and gave five reasons for the move. Sentiment is weak, ETF investors keep pulling money, and the chart still leans bearish. Poppe thinks these conditions look more like a bottoming zone than the start of a deeper crash.
His first point is about mood. Poppe said sentiment around the asset is so poor that “it’s hard to keep pouring down much.” When most traders have already turned bearish, there are fewer new sellers left.
The ETF numbers show how sour things have turned. SoSoValue data shows Bitcoin ETFs have recorded net outflows for 6 days straight.
The streak began on November 5 with $430.20 million leaving the funds, followed by $411.92 million on November 6.
This week brought $201.08 million in outflows on Monday, $95 million on Tuesday, $299.90 million on Wednesday and $284 million on Thursday.
That puts six-day outflows at roughly $1.72 billion. Cumulative net inflows have fallen from $56.54 billion on November 4 to $54.82 billion. On a weekly basis, the funds lost $879.98 million this week after a $1.28 billion exit the week before.
Poppe’s another reason is technical. He described the current zone as “a support area, just barely beneath the 200-Day MA and ideal for liquidity.”
His chart shows BTC in a short-term downtrend, trading under a falling moving average and printing lower highs and lower lows.
The price broke down from the $74,000 to $75,000 range, and Poppe had flagged $71,550 to $71,980 as the area where a liquidity sweep could happen.
The slide to $69,000 pushes price under that band. That fits his view that the drop is a sweep of resting orders rather than the start of a new leg lower.
The levels to watch sit overhead. BTC first needs to reclaim $72,730 to ease the near-term bearish pressure. The bigger test is $74,950, which Poppe labels as the area that must be won back.
Above that, his chart points to $76,250 to $76,520 as the next resistance band, with $78,810 and $79,500 coming into play only if the downtrend breaks.
Poppe’s argument looks at what has not happened. He pointed out that many events could have caused Bitcoin to collapse, and none of them did. “Just a 20% correction,” he wrote.
For a market facing steady fund outflows and weak sentiment, a 20% pullback is mild by Bitcoin standards. Past cycles have seen far sharper drawdowns in similar conditions.
His fourth point is about timing. He noted that Bitcoin bottomed on the Friday before the SpaceX IPO and said he would not be surprised if the market is following the same cadence now. Today is also a Friday, and the setup looks familiar to him.
The fifth reason is the gap between crypto and tech stocks. Poppe said the Nasdaq is “already up a lot” while Bitcoin has lagged behind.
In his words, “It doesn’t take long for this gap to close, which is why I’ve been buying Bitcoin today.”
For now, the picture is mixed. ETF flows and the short-term chart still favor sellers, while Poppe’s case rests on sentiment, support near the 200-day MA and a price that has lagged stocks.
A move back above $72,730 would be the first sign that his read is playing out. In the short run, holding $69,000 matters more, as a clean break lower would put the bearish trend back in charge.
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