BlockBeats News, May 31st, MN Trading Capital founder Michael van de Poppe stated that Bitcoin is currently at a key level, and if it fails to hold above $70,000 support, the price could drop to below $65,000. Van de Poppe pointed out that the $71,000 range is the most important support level at the moment, and as long as this range holds, a deeper pullback could be avoided. He believes that the current market structure is different from the February downturn, so he is not expecting Bitcoin to hit a new low this time.

Meanwhile, Van de Poppe mentioned that if the current support holds, Bitcoin could break above $76,600, leading to a strong rally in the altcoin market. In addition, the spot Bitcoin ETF has seen net outflows for 10 consecutive trading days, with total outflows exceeding $2.97 billion since May 15th. However, Santiment analysis suggests that continued ETF outflows may indicate that the market is approaching a temporary bottom.