Bitcoin price must break $61K and $65K for recovery

The Bitcoin price is moving around $60.300 and, according to analyst Michaël van de Poppe, shows an interesting technical situation. On the daily chart, a bullish divergence is visible, a signal that a price reversal may be near. Van de Poppe states that it is only a matter of time before the market draws a conclusion from this pattern.

Bitcoin is available at OKX and Bybit.

Key levels to watch

According to Van de Poppe, there are two price levels that Bitcoin must reclaim to initiate a serious recovery. The first level is around $61.000, which marks the current support zone. This is the level Bitcoin must break first to return to the broader price range.

The second and more important level is $65.000. Once Bitcoin closes above that threshold, the price is fully back in the range and a path opens towards $72.680. That is the level where an open gap on the chart sits, which will only be closed after a breakout above $65.000. The potential for that move is about 15.8% or over 10,000 points.

Market-wide recovery hangs by a thread

Van de Poppe ties his analysis not only to Bitcoin, but also to the broader market. He indicates that if Bitcoin gradually creeps up and STRC does not decline further, that is positive for the coming months. That suggests he sees the current bottom as a potential turning point, provided the market shows no further downward moves.

On the chart it is clearly visible that Bitcoin is currently just below the old support zone of $60.400, with a deeper support around $59.070. The recovery scenario requires the price to quickly climb back into the previous range, otherwise further pressure towards those lower levels threatens. The coming days are therefore decisive for the direction the Bitcoin price will take.