The price of Bitcoin climbed nearly 2.7% today, slowly recovering from a $216 million Bitcoin selloff by Strategy earlier this week. BTC is now trading above last week’s high and approaching the key resistance level of $65,543. Popular crypto trader Michael van de Poppe believes that Bitcoin is gaining strength and does not expect the market to fall from this point.
Bitcoin shows strong recovery
The largest cryptocurrency has returned above last week’s high price, now trading around $64,410. Van de Poppe notes that recent price developments indicate increasing momentum. He said: “There is more strength on $BTC. This is a great move, and I don’t expect to see the markets fall here.”
The daily BTC chart supports this outlook. Bitcoin has rebounded from a recent descending trendline and is attempting to reclaim the 100-day moving average while holding above the $60,876 support zone. If buyers maintain control, the next major target is between $65,500 and $66,000. A move towards $70,000 could follow within one to two weeks.
Another well-known analyst, That Martini Guy, points out a bullish signal from the Bollinger bands. These bands began to tighten after almost a week of sideways trading. Historically, periods of low volatility often result in large price swings. The analyst says the most important task for Bitcoin now is to turn $64,000 into support. If this happens, BTC could quickly challenge $65,543 before heading towards $70,000.
Selling pressure eases on Bitcoin
CryptoQuant analyst Axel Adler Jr. sees a similar trend in Bitcoin’s on-chain data. According to his short-term holder realized pressure model, spot selling pressure continues to weaken while buying activity increases. The STH chart shows that during the recent decline towards the $62,000-$63,000 range, buying pressure once again exceeded selling pressure.
The chart indicates that buyers remain in control, with around 30% buying pressure versus around 22% selling pressure. Adler notes that short-term holders are buying the recent dip, similar to activity earlier this year. Meanwhile, new buyers are still making a small profit and have created a nearby support zone around $63,600.
If buyers succeed in pushing BTC above $65,500, analysts believe the path to $70,000 could open up much faster. For now, Bitcoin traders are closely monitoring these key levels.
