Crypto Expert Identifies Critical Level Bitcoin Must Flip For Sustained Bullish Price
Considering Bitcoin’s recent volatility, many investors and traders are closely watching the market for signs of support and key levels that BTC could break to warrant further upside.
According to renowned expert Michaël van de Poppe, Bitcoin needs to break the resistance in the $39,400-$39,500 region to resume the uptrend. As long as BTC can convert this level into support, Poppe believes that “the trend continues to be confirmed,” bringing the price back to $46,000 where it was trading just a few weeks ago.
Analysts have tweets:
“Will BTC soar massively? No, the price is still trading below the previous resistance area. This has been confirmed and may retest the higher areas at $46,000.”
BTC chart resistance | Source: Michael van de Poppe
Bitcoin is trading in the support zone
As Bitcoin attempts to restore key resistance, Poppe stressed that a price rejection at $39,500 will be the driving force behind the leading digital currency’s decline. Now also dealers emphasize The initial support zone between $36,000 and $37,300 is a key area where Bitcoin could react.
“Technically, bitcoin is currently in this support zone. The only difference is that the price has jumped up and down in 12 hours.”
BTC Chart Support | Source: Michael van de Poppe
It is worth noting that Finbold reported analysis that the $35,000 area is significantly larger than previous demand absorption zones. In particular, on-chain analytics platform Glassnode calls for $35,000 as a threshold to monitor closely, stating:
“This $35,000 area is much larger than the previous demand absorption area, so this is something to watch out for. We see an increased demand. People are willing to jump in in that $30,000 to $40,000 range. It was protected again at this stage.”
BTC UTXO Real Price Distribution (URPD) | Source: Glassnode
The amount of BTC locked in the Lightning Network reaches ATH
Although the cryptocurrency has undergone a major price correction, with over $130 billion removed from its market cap in the last week, the amount of Bitcoin held on the Lightning Network (LN) continues to grow.
As of February 22, 2022, the number of bitcoins locked in LN has tripled from the 1,089 BTC reported a year ago and now stands at 3,479 BTC with a new ATH, the data said statistical published by the decentralized financial analysis platform DeFi Pulse.
Based on the current price of $38,042, the locked bitcoins are worth $1.3 billion.
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