According to MN Trading Capital founder Michael van de Poppe on May 31, Bitcoin is approaching a critical support level at $71,000. If this level fails to hold, the price could fall below $65,000. Poppe noted that holding the $71,000 support zone could allow Bitcoin to break through $76,600.
Meanwhile, spot Bitcoin ETFs have recorded net outflows for 10 consecutive trading days, with cumulative net outflows exceeding $2.97 billion since May 15. Santiment analysis suggests sustained ETF outflows may signal an approaching market bottom.