BTC needs to reclaim $75,000 to rebound, with $71,000 in play if it fails

Bitcoin needs to first reclaim the $75,000 level to stage a rebound, and a failure to do so could leave the downtrend intact and open the way to $71,000, cryptocurrency analyst Michaël van de Poppe said. Van de Poppe said Bitcoin started this week after posting five straight weekly bearish candles on the weekly chart. Amid that selling pressure, whether BTC can recover the $75,000 level and hold it could be a key variable for a short-term trend reversal, he said. A successful reclaim would be seen as a positive sign that buyers are regaining control, while a failure to recover the level would leave the trend reversal thwarted and point to further downside, according to the analyst.