Analysis

According to KOL Michaël van de Poppe, BTC needs to regain this level to move higher

A prominent analyst says Bitcoin (BTC) needs to regain key levels to help the crypto market bounce back.

In a series of tweets, analyst Michaël van de Poppe told his 565,700 Twitter followers that Bitcoin was rejected by the market at $38,000.

“Bitcoin was rejected by the first key resistance at $38,000.

$37.6K recovery will bring momentum back.”

The source: CryptoMichNL/Twitter

Hours later, Van de Poppe outlined the key support levels for BTC at $34,000 and $36,000. He believes BTC could make a higher low here and that recovering $37.6K is the first step up.

“If I look at the bit higher time frame for bitcoin.

Rejected by critical resistance around $38,000.

Decline south, make a higher bottom at $36K or $34K.

If BTC wants to go higher -> flip $37.6k is the first step.”

The source: CryptoMichNL/Twitter

Van de Poppe suspect BTC could rise in the weeks and months ahead, but there is one major caveat.

“There could be a bounce in the short-term but any move below $37.6k will not be considered bullish.”

Bitcoin is trading at $36,737 at press time, up 2.22% on the day.

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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