Key Takeaways:
- BTC gained 2.7% on July 10, recovering from Strategy's $216 million sale
- Price is testing the $65,543 resistance level above last week's high
- Analyst Michael van de Poppe targets $70,000 within two weeks
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Bitcoin rises 2.7% toward $65,543 as buying absorbs Strategy sale
Bitcoin rose 2.7% to approach the $65,543 resistance level on July 10, recovering from Strategy's $216 million sale earlier this week.
"The market absorbed the selling pressure from Strategy's disposal, and we're now seeing a recovery toward key resistance," Michael van de Poppe, analyst at MN Trading, said. He expects Bitcoin to reach $70,000 within two weeks if the current momentum holds.
BTC is trading above last week's high as buying demand offsets the overhang from Strategy's sale, which had briefly pushed prices lower earlier in the week. The $65,543 level represents a critical technical barrier; a decisive break above it could trigger a short squeeze, according to market data.
A move through $65,543 would open the path toward $70,000, the target van de Poppe outlined. Conversely, rejection at resistance could lead to consolidation in the $62,000 to $65,000 range as traders assess whether the recovery has sufficient volume support.
The recovery comes after Strategy, the corporate Bitcoin holder formerly known as MicroStrategy, sold $216 million worth of BTC earlier in the week. The sale was absorbed without triggering a broader selloff, suggesting resilient buying interest at current levels.
The $70,000 target from van de Poppe aligns with a broader technical setup that sees BTC forming higher lows since late June. A sustained move above $65,543 would confirm the pattern and likely attract momentum-driven buying.
This article is for informational purposes only and does not constitute investment advice.
