Bitcoin’s price has climbed nearly 2.7% today, slowly recovering from a $216 million Bitcoin sale 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 Bitcoin is gaining strength and does not expect the market to fall from this point.
Bitcoin shows strong recovery
The largest cryptocurrency has moved back above last week’s price high, now trading around $64,410. Van de Poppe notes that recent price action indicates growing momentum. He said, “There’s more strength coming in on $BTC. That’s a great move, and I don’t expect to see the markets falling here.”
The daily BTC chart supports this outlook. Bitcoin has bounced from a recent descending trendline and is trying to reclaim the 100-day moving average while holding above the $60,876 support zone. If buyers maintain control, the next major target sits around $65,500 to $66,000. A move toward $70,000 could follow within the next one to two weeks.
Another well-known analyst, That Martini Guy, points to a bullish signal from Bollinger Bands. These bands have started tightening after nearly a week of sideways trading. Historically, periods of low volatility often lead to sharp price moves. The analyst says the most important task for Bitcoin is now to turn $64,000 into support. If that happens, BTC could quickly challenge $65,543 before making a run toward $70,000.
Selling pressure eases on Bitcoin
CryptoQuant analyst Axel Adler Jr. sees a similar pattern from Bitcoin’s on-chain data. According to his Short-Term Holder Realized Pressure Model, spot selling pressure continues to weaken while buying activity rises. The STH chart shows that during the recent decline toward the $62,000-$63,000 range, buying pressure once again exceeded selling pressure.
The chart indicates buyers remain in control, with buying pressure around 30% compared to roughly 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 sitting in a small profit and have created a nearby support zone around $63,600.
If buyers successfully push BTC above $65,500, analysts believe the path toward $70,000 could open much faster. For now, Bitcoin traders are watching these key levels closely.
