Michael van de Poppe: Bitcoin needs to hold the $71,000 support level

Michael van de Poppe, founder of MN Trading Capital, posted on X stating that Bitcoin is currently at a critical price level. If the $71,000 support is broken, it could further retrace to below $65,000. He pointed out that the 200-day moving average is near $61,000, and dropping further makes no sense, as it never leads to good outcomes in any market cycle. He also mentioned that the current market structure is different from the decline in February, when range resistance failed to convert into support.