Bitcoin’s decline continued after its price dropped below the August low. CoinMarketCap data put BTC at $69,353.57, down 5.54% in the past 24 hours.
Analyst Michaël van de Poppe said he had been buying Bitcoin, citing several reasons for his decision: weak sentiment, a technical support area, and the possibility of a rebound to between $72,000 and $74,000.
Bitcoin Breaks Below $72,727 as the Chart Tracks Lower Levels
The Nov. 12 candle highlighted by Van de Poppe opened at $72,957.41, climbed to $73,152.01, then fell to $71,255.02 before closing at $71,426.56, down 2.10%. The chart showed Bitcoin falling from above $84,000 in October, making lower highs through November before its latest decline.
As the price fell, it moved below the chart’s marked $72,727 level and into a range between $71,558 and $71,984. The chart marked this lower band as a possible area for an intraday liquidity sweep. It also identified $74,500 to $74,956 as a level Bitcoin would need to reclaim, and $76,258 to $76,519 as a possible sweep area above that level.
Bitcoin remained below a descending blue moving average near $79,500. Trading volume rose during the decline, while the lower momentum indicator turned down and remained below zero.
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Analyst Sees a Possible Move Toward $74,000
Van de Poppe said Bitcoin had broken below the August low and described sentiment as fearful. He pointed to a downside extension in the Z-score and liquidity being taken around the 200-day moving average. He also cited the upcoming Anthropic IPO before saying Bitcoin could move to between $72,000 and $74,000 over the following days.
In a separate post, Van de Poppe said he had bought Bitcoin because he considered the area just below the 200-day moving average to be support. He also said the asset had fallen about 20%, despite events he believed could have led to a larger decline.
To explain his timing, he compared the current price action with Bitcoin’s bottom on the Friday before the SpaceX IPO. He added that the Nasdaq had already risen substantially, creating a gap with Bitcoin that he expected might close.
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