Bitcoin price at crucial level: Michaël van de Poppe sees buying opportunity

The Bitcoin price is currently at a level that analyst Michaël van de Poppe considers exceptionally attractive for building a position. With a current price of $63.7K (+0.1% in the past 24 hours), Bitcoin appears to be at a pivot point, where a possible break above $65.000 could be the key to a broader market rally.

Bitcoin is available at OKX and Bybit.

US-Iran deal as a possible catalyst

Michaël van de Poppe expects news to emerge soon about a trade deal between the United States and Iran. In his view, such an agreement could be just the spark Bitcoin needs to break back into the range above $65.000, His chart shows that the current zone around $63.000 to $64.000 is marked as a crucial support area that the market must hold to reverse the ongoing correction.

If that break above $65.000 succeeds, Van de Poppe expects a chain reaction. The strength would then flow through to the altcoin markets, which have been under pressure for some time. Moreover, such a move could cause bond yields to fall, which he believes would revive DeFi. Earlier this week, the Bitcoin price was already waiting for just such a break above $65.000.

Technical analysis points to multiple support levels

Van de Poppe’s chart shows that the zone between $59.600 and $64.724 is the area where buyers are now seeing their opportunity. However, if the price drops below $71.500 to $73.000. a next entry zone around $56.500 to $60.750 comes into view. A CME gap around $79.000 forms an upward reference point for a potential recovery move.

Van de Poppe therefore states that this is the best time to build a position in Bitcoin. The current market conditions remind him of earlier phases in which macroeconomic news triggered a rapid turnaround. The risk of a worst June for Bitcoin since 2022 remains real, as was previously reported, but Van de Poppe sees this sentiment precisely as a buying opportunity for the long term.