Bitcoin is entering a pivotal juncture around $70,000, an analysis shows. If it fails to hold key support, it could slide below $65,000.

On May 31, blockchain media outlet Cointelegraph reported that MN Trading Capital founder Michael van de Poppe (마이클 반 데 포페) said that if Bitcoin fails to hold a key area, he expects to see buying opportunities below $65,000.

Van de Poppe pointed to $70,000 and $71,000 as the market's key support zone. He said Bitcoin is at a pivotal juncture and that failing to defend those levels could lead to a deeper correction.

He argued that this move differs from the downturn in February. He said the earlier phase failed to turn resistance at the top of a range into support, but the structure is different this time.

He singled out the area around $71,000 as an important support zone. He said holding that level is necessary to prevent a deeper correction. If the current level holds, he said Bitcoin could break above $76,600 and later could also set a fresh record high. Van de Poppe said that once it clears that zone, a new high would be within reach, and he also mentioned the possibility that an altcoin bull market could follow.

In the market, views are split on whether $60,000 in early February marked the bottom of this cycle. Veteran trader and bitcoin bear Peter Brandt (피터 브란트) said $60,000 recorded in March may not be the 2026 low and forecast the market could retest that level, or dip slightly below it, in September or October. Van de Poppe, by contrast, said he does not expect a new low.

There is also another view. Economist Timothy Peterson (티모시 피터슨) predicted that Bitcoin could rise gradually over the summer but could top out in the last week of July. He added that even if the uptrend continues, it would not be strong.

Against this backdrop, fund flows in spot bitcoin exchange-traded funds are also weighing on the market. Spot bitcoin ETFs have seen outflows for 10 consecutive trading sessions, and total net outflows since May 15 have exceeded $2.97 billion. Over the same period, total net assets across ETFs fell to $94.17 billion from $104.29 billion, down by about $10 billion.

On-chain analytics firm Santiment said these ETF outflows could instead suggest that the end of the market's bottoming phase may be nearing. Even as money continues to leave, whether prices hold key support has emerged as the factor that will split the near-term direction.

Ultimately, market attention is focused on the $70,000 and $71,000 zone. If it breaks, concern about a retest of the February low area could grow, but if support holds, there is a possibility that risk appetite across the market could revive alongside a break above $76,600.

Bitcoin's direction is once again tied to two variables: holding support around $70,000 and ETF fund flows. With interpretations of the price structure diverging and spot ETF flows adding another layer, the market remains in a phase where judgments on the near-term direction are shaping broader sentiment.

#Bitcoin is at a pivotal level, and if it doesn't hold, we're buying at <$65K. I don't think we'll see new lows. That would put Bitcoin beneath $61K and that's where the 200-Day MA is at, doesn't make sense to go deeper as it doesn't happy in any market cycle. However, this… pic.twitter.com/oen6ADaqft