Cryptocurrency trading expert Michaël van de Poppe believes that Bitcoin (BTC) is headed for further correction after failing to break through the $71,000 resistance level. In a recent analysis, Poppe identified critical price levels and areas of interest for investors to watch. He expects Bitcoin to test the support range between $64,000 and $65,000, which is crucial for the cryptocurrency's price to stabilize before attempting another upward move.

If the price drops below this immediate support, Poppe indicates a significant demand zone of $54,000 to $56,000, where buyers are likely to step in and provide substantial support to prevent further declines. On the upside, Bitcoin needs to break through multiple resistance levels, with the primary resistance now set at $71,000. Successfully overcoming this barrier could pave the way for Bitcoin to retest its previous highs and potentially aim for new record levels.

The upcoming Federal Open Market Committee (FOMC) meeting and the release of Consumer Price Index (CPI) data are critical events that could influence Bitcoin's price movement. Poppe anticipates that these events might trigger increased volatility in the market, potentially driving the next significant price action.

In conclusion, Bitcoin's price action is expected to be influenced by the upcoming FOMC meeting and CPI data release. The cryptocurrency needs to break through multiple resistance levels to retest its previous highs, while the support range between $64,000 and $65,000 is crucial for price stabilization. Investors should be cautious and prepared for potential price fluctuations in the market.