Bitcoin Falls Below $70,000 as Van de Poppe Buys the Dip and Maps $74,000 Rebound

Bitcoin traded at $69,353.57 on CoinMarketCap data, down 5.54% over the last 24 hours, after the price broke below its August low. The decline extends a slide that began from above $84,000 in October, with lower highs forming through November before the latest drop.

Analyst Michaël van de Poppe said he has been buying Bitcoin. He pointed to weak sentiment, a technical support area, and a possible rebound toward $72,000 to $74,000 as the reasons behind his decision.

What did the Nov. 12 candle show?

The candle Van de Poppe highlighted opened at $72,957.41 and rose to $73,152.01. It then declined to $71,255.02 before closing at $71,426.56, down 2.10%.

As the price fell, it crossed below the chart's marked $72,727 level. It then entered a range between $71,558 and $71,984, which the chart identified as a possible area for an intraday liquidity sweep.

The chart also marked two zones above the current price:

• $74,500 to $74,956 — the level Bitcoin would need to reclaim
• $76,258 to $76,519 — a possible sweep area above it

Bitcoin remained below a descending blue moving average near $79,500. Trading volume increased during the decline. The lower momentum indicator turned down and stayed below zero.

Why is Van de Poppe buying?

Van de Poppe said Bitcoin had taken out the August low and described sentiment as fearful. He cited a downside extension in the Z-score. He also noted liquidity being taken around the 200-day moving average, and he mentioned the upcoming Anthropic IPO.

Before saying a move toward $72,000 to $74,000 could occur over the following days, he laid out a case built on contrarian timing rather than momentum.

In a separate post, Van de Poppe said he had bought Bitcoin because he viewed the area just below the 200-day moving average as support. He also said the asset had fallen about 20% despite events he believed could have caused a larger decline.

How does his timing argument work?

Van de Poppe compared the current price action with Bitcoin's bottom on the Friday before the SpaceX IPO. The parallel suggests that a major market event can mark a turning point rather than a continuation of selling.

He added that the Nasdaq had already risen substantially. That rally created a gap with Bitcoin that he expected could close.

The mechanism is straightforward. Bitcoin sits roughly 20% below its October high above $84,000. The Nasdaq has climbed. Van de Poppe treats that divergence as a gap, not a trend. If history rhymes with the SpaceX IPO episode, the gap closes with Bitcoin moving up toward the $72,000 to $74,000 zone he named.

The levels to watch now are concrete. Below the price, the $71,558 to $71,984 band holds the liquidity-sweep risk. Above it, Bitcoin must first reclaim $72,727, then $74,500 to $74,956, before any test of the descending moving average near $79,500. Van de Poppe's rebound thesis now has to clear each of those steps in turn.