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Bitcoin’s price has gained nearly 2.7% today, slowly recovering from the Strategy’s $216 million Bitcoin sale earlier this week.
As of now, $BTC is trading above last week’s high and nearing the key $65,543 resistance level. Popular crypto trader Michael van de Poppe believes Bitcoin is gaining strength and doesn’t expect the market to fall from here.
Here’s why.
Bitcoin Recorded A Strong Recovery
The largest cryptocurrency, Bitcoin, has finally moved back above last week’s price high, and is now trading around $64,410. Popular crypto analyst Michael van de Poppe believes the recent price action shows growing strength.
“There’s more strength coming in on $BTC. That’s a great move, and I don’t expect to see the markets falling here.”
The daily $BTC chart also supports this view.
Looking at it, Bitcoin has bounced from the recent descending trendline and is attempting to reclaim the 100-day moving average, while holding above the $60,876 support zone.
If buyers keep control, the next major target sits around $65,500-$66,000, with a possible move toward the $70,000 level in the next one to two weeks.
Bollinger Bands Are Tightening, Hinting at a Bigger Move
Well-known crypto analyst That Martini Guy also pointed to another bullish signal.
The Bollinger Bands have started tightening again after nearly a week of sideways trading. Historically, periods of lower volatility are often followed by sharp price moves.
According to the analyst, the most important task for Bitcoin is now to turn $64,000 into support.
If that happens, $BTC could quickly challenge $65,543 before making a run toward $70,000.
Selling Pressure Is Easing On Bitcoin, Cryptoquant
CryptoQuant analyst Axel Adler Jr. sees a similar picture from Bitcoin’s on-chain data.
According to his Short-Term Holder Realized Pressure Model, spot selling pressure continues to weaken while buying activity is increasing.
The STH chart shows that during the recent decline toward the $62,000-$63,000 range, buying pressure once again moved ahead of selling pressure.
The chart reading shows buyers remain in control, with buying pressure around 30% compared to roughly 22% selling pressure.
Adler noted that short-term holders are buying the recent dip, similar to what happened earlier this year. Meanwhile, new buyers are still sitting in a small profit and are creating the nearest support zone around $63,600.
If buyers successfully push $BTC above $65,500, analysts believe the path toward $70,000 could open much faster.