BlockBeats News, June 1st, MN Trading Capital founder Michael van de Poppe stated that Bitcoin is currently in a crucial price range. If it fails to hold the support near $70,000, the price could drop to below $65,000. However, he believes that the market structure of this cycle is significantly different from the downturn in February this year, and he does not expect Bitcoin to make a new low.

Van de Poppe pointed out that the $71,000 area is currently the most important support level. If this level remains intact, Bitcoin is expected to further break through the $76,600 resistance and propel the crypto market into a new uptrend. He stated that once this range is breached, a "new high is just around the corner," and the altcoin market may also see a strong performance.

Meanwhile, economist Timothy Peterson believes that the price of Bitcoin may slowly rise during the summer of this year, peaking around the end of July, but the overall performance will still be relatively muted.

It is worth noting that the US spot Bitcoin ETF has seen net outflows for 10 consecutive trading days, with total outflows exceeding $2.97 billion since May 15, causing the total assets under management to drop from $104.29 billion to $94.17 billion. However, crypto analytics firm Santiment stated that persistent ETF outflows sometimes indicate that the market is approaching a cyclical bottom.