Bitcoin price approaches critical support zone around $66,000

The Bitcoin price is under pressure and currently at an interesting crossroads. Analyst Michaël van de Poppe points to two crucial support zones that investors should keep an eye on: the area just below $66.000 and the level around $61.000 where the 200-week moving average lies. With a price of $66.9K and a decline of 4% in the past 24 hours, the situation, according to Van de Poppe, is one to monitor closely.

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Zone below $66.000 as key level

According to Van de Poppe, the region just below $66.000 is where it gets exciting. On his weekly chart, it is clearly visible that the Bitcoin price has fallen significantly after the peak of over $128.000 earlier this year. The chart shows a green highlighted area around $60.000 to $66.000, which he describes as the zone to sweep all liquidity.

In his analysis, Van de Poppe indicates that he personally plans to build positions in this price range. He sees the dip not as a reason to panic, but rather as an opportunity to enter. That fits within a broader trend where long-term funds buy Bitcoin via OTC desks during moments of weakness.

200-week average at $61.000 as additional safety net

Alongside the zone below $66.000, Van de Poppe also points to the 200-week moving average, which currently sits around $61.000. This technical level historically serves as an important support for Bitcoin and has acted as a bottom multiple times in previous market cycles.

The timing of this analysis coincides with a series of negative signals for the market. For instance, Bitcoin ETF flows show the longest outflow period ever, adding extra downward pressure on the price. Earlier, the Bitcoin price already broke through multiple support levels towards $65.000. Van de Poppe nevertheless remains constructive and sees the current price levels as an interesting entry opportunity for those with a long-term view.