Bitcoin Drops Below $70,000 as Van de Poppe Maps a Possible Rebound

Bitcoin’s decline continued after the price fell below the August low, with CoinMarketCap data showing BTC at $69,353.57, down by 5.54% over the last 24 hours.

Analyst Michaël van de Poppe said he’s been buying Bitcoin and pointed to several factors behind his decision, including weak sentiment, a technical support area, and a possible rebound toward $72,000 to $74,000.

Bitcoin Breaks Below $72,727 as the Chart Tracks Lower Levels

The Nov. 12 candle, as highlighted by Van de Poppe, opened at $72,957.41, rose to $73,152.01, then declined to $71,255.02, before closing at $71,426.56, down 2.10%. The chart showed Bitcoin falling from above $84,000 in October, with lower highs forming through November before the latest decline.

As the price fell, it crossed below the chart’s marked $72,727 level and entered a range between $71,558 and $71,984. The chart identified this lower band as a possible area for an intraday liquidity sweep. It also marked $74,500 to $74,956 as a level Bitcoin would need to reclaim, with $76,258 to $76,519 as a possible sweep area above it.

Bitcoin remained below a descending blue moving average near $79,500. The trading volume increased during the decline, while the lower momentum indicator turned down and stayed below zero.

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Analyst Sees a Possible Move Toward $74,000

Van de Poppe said Bitcoin had taken out the August low and described sentiment as fearful. He cited a downside extension in the Z-score and liquidity being taken around the 200-day moving average. He also mentioned the upcoming Anthropic IPO before saying a move toward $72,000 to $74,000 could occur over the following days.

In a separate post, Van de Poppe said he had bought Bitcoin because he viewed the area just below the 200-day moving average as support. He also said the asset had fallen about 20% despite events he believed could have caused a larger decline.

To explain his timing, he compared the current price action with Bitcoin’s bottom on the Friday before the SpaceX IPO. He added that the Nasdaq had already risen substantially, creating a gap with Bitcoin that he expected could close.

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Related: Bitcoin Crashes to $67K as $1.65B in Liquidations Trigger Fears of Another Sell-Off