Crypto markets are showing signs of a familiar weekend pullback, with analyst Michaël van de Poppe pointing to a recurring pattern that may influence Bitcoin’s near-term direction. In a post on X, he said investors often reduce risk ahead of Monday trading, leading to short-term declines that tend to reverse early in the week.
“Every weekend, there’s a sell-off… markets are likely bouncing on Sunday and continue to go up,” he wrote. He also identified the $72,000 level as a key support zone, adding that holding above it would help sustain bullish momentum.
Michael’s chart shows Bitcoin is currently consolidating after dropping in its price. This implies that the market has moved from consolidation and created higher lows in its trading activity.
The development indicates improved short-term structure for the cryptocurrency despite the resistance levels that limit its upside potential.
Further, the $71,400 price level represents a crucial support level. Breaking below the support level would indicate a failure in the recovery set-up, while maintaining it above will facilitate its near-term momentum.
In addition, the cryptocurrency faces resistance at the $76,600-$79,100 price range. Moving upwards might see it testing the $86,500 price level, which will likely encounter significant selling pressure.
Bitcoin traded at $76,366.25 as of writing, down 1.89% over the past 24 hours, according to CoinMarketCap data. The crypto recently pushed toward $78,000, coinciding with easing geopolitical tensions after Iran reopened the Strait of Hormuz, supporting broader risk sentiment.
However, trading volume is still moderate, suggesting the rally has yet to gain strong conviction among market participants.
Altcoin sentiment continues to lag, with the CMC Altcoin Season Index around 36, indicating continued Bitcoin dominance in market flows. Still, Michaël van de Poppe said the trend reflects a late-stage bear cycle for alternative tokens. “Markets are currently underpricing the upside of altcoins massively,” he noted.
Views across the market remain divided. Analyst Hanzo projected Bitcoin could reach $170,000 in the next cycle, pointing to long-term upside potential. In contrast, Doctor Profit warned the current advance may represent a bull trap, highlighting risks of a near-term reversal.
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