Bitcoin’s short-term outlook is leaning bullish again, with traders pointing to defended support levels and a nearby cluster of liquidity that could shape whether BTC can extend its advance. In the latest market read, analyst Michaël van de Poppe said BTC is holding what he calls “crucial” ground around $61,000 and is positioning for a push higher.
The call comes amid mixed signals from spot liquidity and broader risk appetite. While some participants see room for a rally toward $68,000 over the next one to two weeks, others are warning that recent moves may lack the “conviction” needed to sustain breakouts—especially until key macro data and earnings flow through markets.
Key takeaways
- Trader Michaël van de Poppe says BTC is defending crucial support around $61,000 and has turned key moving averages into support, suggesting further upside momentum.
- Van de Poppe expects a move to $68,000 within 1–2 weeks, followed by potential continuation toward the $75,000–$80,000 range in August.
- CoinGlass whale-order monitoring highlights $67,000 and above as a major liquidity zone, while support sits mainly between $63,500 and $63,800.
- Some traders remain cautious as spot-market volume has softened, raising the risk of a failed breakout.
- QCP Capital argues crypto may need a macro “catalyst” to gain the conviction for sustained upside, with US inflation data and upcoming earnings acting as potential triggers.
Van de Poppe: defended $61,000 support sets up $68,000
In an X update posted on Wednesday, crypto trader and analyst Michaël van de Poppe said BTC/USD has successfully defended “crucial” support at about $61,000. His interpretation hinges on two technical elements: the level itself holding, and the expectation that moving-average (MA) trend lines are being “flipped” from resistance back to support.
On that basis, van de Poppe’s near-term roadmap points to a rally to $68,000 in the next 1–2 weeks. He adds that, if that first target is achieved, the market could then build momentum toward $75,000–$80,000 during August.
“I’m expecting to see a rally to $68,000 in the next 1-2 weeks, followed by a continuation towards $75,000-80,000 in August.”
For investors and traders, the practical takeaway is that van de Poppe is not only relying on headline price direction. He is anchoring his view to a specific support/reclaim narrative and to how price interacts with levels where market liquidity concentrates.
Order-book friction: $67,000 is the next liquidity hurdle
Van de Poppe’s $68,000 target also lines up with exchange order-book liquidity constraints that could slow BTC if it breaks out from its local range. Supporting that view, CoinGlass monitoring of “whale orders” pointed to an important zone beginning around $67,000 and extending higher.
According to CoinGlass data highlighted in the update, this liquidity cluster is likely to act as a meaningful test for demand on the way up. On the downside, the same whale-order map places more pronounced support primarily between $63,500 and $63,800.
That setup matters because breakouts are often decided not by the “average” market level but by where larger standing orders are concentrated. If BTC reaches $67,000 and stalls, the next question becomes whether it can hold the lower support band long enough to convert buyers into sustained demand.
Why some traders are still wary: softer spot-volume and “failed auctions”
Not everyone is treating the latest price strength as a definitive signal. One theme in the market commentary is concern that spot-market volume has declined alongside gains, which can imply that the move is being carried by derivatives or a narrower subset of buyers rather than broad spot participation.
Commentator Exitpump cautioned that the current advance could unwind if it is not met with follow-through buying. In his view, upward momentum could be vulnerable to a “failed auction” above a value area—an idea consistent with how liquidity may be distributed across the order book when price reaches levels where traders are unsure.
“Wouldn’t get excited about this pump, this can easily end up being a failed auction above value area,” Exitpump warned on Tuesday.
Separately, earlier commentary from trader and analyst Rekt Capital suggested that strength seen in July could face a reversal pattern by August, noting Bitcoin’s tendency to exhibit “standard bear-market behavior.” That framing implies that even if rallies occur, they may need to prove they are not merely tactical rebounds within a broader range.
QCP Capital: the crypto market wants a macro catalyst for “conviction”
Beyond charts and order-book maps, QCP Capital emphasized in a Monday market research piece that the crypto market may need an external trigger to turn optimism into durable momentum. In QCP’s framing, the market is caught between long-term fundamentals that can support prices and a shorter-term environment that is “still waiting for conviction.”
QCP pointed to the role of upcoming US macro and earnings developments. Cointelegraph had previously reported that the days ahead would include key US inflation data ahead of the Federal Reserve’s end-of-month interest-rate decision. Tuesday’s US CPI reading came in below expectations, a data point Cointelegraph noted as helping Bitcoin move back toward $65,000.
QCP connected that kind of macro validation to broader risk sentiment. The firm wrote that if this week’s data and earnings continue to support the bullish narrative, improving risk appetite could spill over into digital assets—particularly as investors rotate into areas that have lagged behind the broader equities rally.
“Should this week’s macro data and earnings continue to validate the bullish narrative, improving risk sentiment could spill over into digital assets as investors rotate into markets that have lagged the broader equity rally,” QCP wrote.
“Until then, crypto appears caught between supportive long-term fundamentals and a market still waiting for conviction.”
For market participants, this shifts the “what to watch” list. If price can push toward $67,000 and $68,000 while macro conditions remain supportive, traders may treat the rally as more than just a local push. If macro momentum fades or spot participation remains thin, the market could revert to testing lower support bands.
Where traders’ attention is likely to land next
With the next few sessions set to be shaped by macro data and the market’s reaction to earnings, attention will likely remain fixed on whether BTC can clear the $67,000 liquidity zone and hold the $63,500–$63,800 support area if it doesn’t. The key uncertainty is whether the move develops “conviction” from broader risk sentiment—or stalls as liquidity turns into a test rather than a trigger.
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