Bitcoin is sitting near $73,000, a level that analyst Michaël van de Poppe says could define the next two weeks. If it holds, he expects upward momentum and possible new summer highs. If it doesn’t, a slide to $61,000 is on the table. The coin has lost about 6.5% in the last 30 days and is down roughly 30% from a year ago.
The $73,000 line in the sand
Van de Poppe’s call is plain: hold $73,000, get a two-week rally to fresh summer peaks. Fail that, and Bitcoin revisits levels last seen in early 2025. Short-term resistance sits around $74,200, with support at $72,700, according to analyst Daan Crypto Trades. Bitcoin is also in the middle of its longest correction of the current cycle, per pseudonymous analyst Darkfost, who notes it will soon surpass the 237-day correction from 2024.
ETF outflows keep piling up
Spot Bitcoin ETFs haven’t had a good May. Persistent outflows stripped more than $2.4 billion from the funds, including a single-day exodus of $733 million on May 27. Net buying delta for the month landed at just 0.08%. Wallets holding $1 million to $5 million were the most aggressive sellers. The total net buying for May came in around $544 million — a steep drop from April’s $11 billion and March’s $4 billion. That kind of demand collapse doesn’t exactly scream bullish momentum.
Seasonal headwinds and a possible retest
June is historically one of Bitcoin’s weakest months, averaging a return of just 0.7%. May, which normally performs better, clocked a 3.4% decline this year. Analyst Markus Thielen suggests that some of the typical seasonal weakness may already be baked into price. Analyst AbramChart flags that May’s numbers could end up retesting March’s point of control at $70,600 — that’s about $2,400 below current levels.
The real question now is whether $73,000 holds. If it does, the bulls get their two-week runway. If not, the next floor looks to be $70,600 or worse. That’s a tight window, and the clock is ticking.
