Crypto
Bitcoin Price Faces $74K Drop as ETFs See $296M in Outflows
Michaël van de Poppe expects Bitcoin to hit $74,000 while spot ETF outflows top $586M this week. Here's what the chart says next.
9h ago 4,280
BLOCKINSIDERLoadingMichaël van de Poppe expects Bitcoin to hit $74,000 while spot ETF outflows top $586M this week. Here's what the chart says next.
Bitcoin price has failed to hold above $76,200, spot ETFs lost close to $296 million in a single day, and one of crypto's most followed analysts says the drop may not be over.
Michaël van de Poppe now sees a move toward $74,000 as likely, and he says that's the level where he wants to buy.
In a post on X, Van de Poppe said the rejection around $76,200 means Bitcoin is heading lower. He called the move a technical correction and said he expects the price to hit the recent low of $74,000 again.
On the same day, he wrote that Bitcoin was sweeping the lows and that $74,000 had been his preferred area all along. He also pointed to fear among traders and said a lot of short liquidity was likely building up.
Amidst this correction, Van de Poppe's plan looks simple. Wait for the flush to $74,000, then buy into the fear.
Bitcoin ETF flows aren't helping. SoSoValue data shows US spot Bitcoin ETFs posted $295.98 million in net outflows on September 16. That came after $450.33 million left the funds on September 15, pushing the two-day total above $746 million.
The weekly numbers show that the funds lost $586.27 million in the week through September 16 and $462.73 million the week before. The two weeks prior brought in $986.85 million and $924.48 million. Out of the last eight trading days, only September 4 and September 14 closed with inflows.
Total net assets have dropped too. The ETFs held $101.25 billion on September 4. By September 16, that figure was down to $95.19 billion. Cumulative net inflows fell from $55.62 billion to $54.57 billion over the same stretch.
On the 1-hour chart, BTC trades near $76,208. Price rallied to around $79,890, got rejected, and sold off to a low of $74,968. Buyers stepped in there, and BTC has since hit a few higher lows on the very short-term chart.
The bounce still looks like a relief move, not a reversal. BTC hasn't reclaimed resistance at $77,000 to $77,700 and remains below the area where the breakdown started.
Immediate support sits at $76,000, with $75,600 right below. The level that counts most is the $74,968 swing low. If that breaks, the recovery structure fails and the $74,000 zone Van de Poppe is watching comes into play.
The RSI and MACD lean neutral to bearish. The 6-period RSI sits at 39.64, while the 12 and 24-period readings are 47.25 and 48.05. Short-term buying strength is weak, but BTC isn't oversold, so another bounce is still possible.
The bullish case starts with holding $76,000. From there, Bitcoin needs a clean break through $76,800 to $77,000 on rising volume. That clears the path to $77,700, then $78,400 and $79,100. A move back above the $79,890 high would put $82,700 on the table as the next upside target.
The bearish case is simpler. If BTC can't reclaim $76,500 to $77,000 and loses $75,600, the $74,968 low returns to focus. A clean break below it would hand control back to sellers and likely send price toward $74,000. For now, Bitcoin is stuck in a tight fight between $76,500 and $77,000.
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