Crypto
Bitcoin Risks Falling to $71K If Bulls Fail to Reclaim $75K
Bitcoin has printed another red weekly candle after sellers broke the $76K zone. Traders see $75K as the line between recovery and a major drop.
BLOCKINSIDERLoadingBitcoin has printed another red weekly candle after sellers broke the $76K zone. Traders see $75K as the line between recovery and a major drop.
Bitcoin opened the week on the back foot. BTC has fallen below a support zone it had held for days. Crypto analyst Michaël van de Poppe has drawn a clear line at $75,000. If BTC holds it, the situation improves. If Bitcoin loses it and $71,000 comes into play.
In a post on X, Poppe asked how fast Bitcoin can win back previous support levels after it dropped at the start of the week. “If $75,000 is reclaimed, that would be a great sign; otherwise, the trend continues toward $71,000,” he wrote.
His 4-hour BTC/USDT chart shows where the damage happened. Bitcoin had spent several sessions consolidating above $76,000, and buyers defended that area more than once.
Sellers eventually won, pushing the Bitcoin price through the $76,000 to $76,500 band and down to a candle low near $73,991.
The $74,000 area is now the first line of defense for bulls, and it lines up with the September low. A decisive four-hour close below it would expose the $71,557 to $71,984 zone. This is the main downside target on Poppe’s chart.
Not every corner of the market is bleeding. Poppe pointed out that Bitcoin trades as a higher beta asset than the stock indices, so weakness in equities tends to hit crypto harder. “If indices don’t do well, Bitcoin sells off, and the rest of the market falls along,” he wrote.
That pattern has held for weeks. This time, some altcoins haven’t shown much weakness over the past few days, and Poppe sees that as a sign that a change of tide is coming.
He said he has made strong adjustments to his altcoin portfolio and expects some tokens to post massive moves if the market bounces.
Poppe noted that the market hasn’t seen such a streak of red weekly candles in a row. The short-term structure backs that up.
His chart shows a series of lower highs and lower lows since BTC was rejected near the $79,000 to $80,000 region.
Selling volume jumped as BTC broke under $76,000, giving the move more weight than a quiet dip would carry. That same jump could set up a short relief rally if buyers show up near $74,000.
Our own 1-hour chart shows a bounce already underway. BTC fell to a local low of $73,510 after a sell-off from around $81,196, then recovered to roughly $75,268.
RSI has climbed to about 61.5, moving away from oversold conditions, and the MACD histogram has turned positive with the MACD line pointing up.
The real test is the $75,500 to $76,000 zone. A break and hold above $76,000 would put $77,000 and $78,000 in view, and a move past $78,000 would weaken the overall bearish structure.
A rejection in that zone, followed by a drop under $73,510, would hand control back to sellers and bring Poppe’s $71,000 target into focus.
For now, Bitcoin sits right at the line. The next few closes around $75,000 should decide whether this is a reset or the start of a deeper leg down.
Altcoin traders will be watching too, since a Bitcoin bounce is exactly what Poppe expects to cause the bigger moves in his portfolio.
No comments yet
