Analyst: If Bitcoin loses the $70k support, it may fall below $65k

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Golden Finance reports that on May 31, MN Trading Capital founder Michael van de Poppe stated that Bitcoin is currently at a critical juncture. If it cannot hold above the $70,000 support level, the price may fall below $65,000. Van de Poppe pointed out that the $71,000 region is the most important support level at the moment. As long as this area can hold, it is expected to avoid a deeper correction. He believes that the current market structure is different from the downturn in February this year, so he does not expect Bitcoin to hit a new low for now.
Meanwhile, Van de Poppe said that if the current support holds, Bitcoin could break through $76,600 and drive a strong rally in the altcoin market. In addition, spot Bitcoin ETFs have experienced net outflows for 10 consecutive trading days, with a total net outflow of over $2.97 billion since May 15. However, Santiment analysis suggests that the ongoing ETF fund outflows may indicate that the market is approaching a cyclical bottom.
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