- Michael van de Poppe tweeted yesterday that BTC is trading in a crucial area.
- The analyst predicted that a rejection from this resistance may lead to a steep drop in BTC’s price.
- At press time, the market leader was trading at $29,786.84 after it dropped 0.43% in the past 24 hours.
The renowned trader and analyst Michael van de Poppe shared in a tweet yesterday that Bitcoin (BTC) is trading in a “crucial area” that it needs to break. In the post, he predicted that if the leading crypto is able to break above $30,308 then it may climb to higher highs. On the other hand, rejection from this price point could see BTC’s price drop drastically.
BTC’s price had attempted to break above $30,308 yesterday but was unable to close the day’s trading session above this significant resistance level. This forced the cryptocurrency’s price to drop below $30K in the past 24 hours, where it continued to trade at press time. Furthermore, the cryptocurrency’s price had also lost the support of the 20-day EMA line.
If BTC breaks below the 50-day EMA line at $29,389.91 in the next 48 hours, then this will be confirmation that it was rejected by the $30,308 resistance level highlighted in van de Poppe’s tweet. This bearish momentum may force BTC’s price below the $29,075 support to potentially test the next major level at $28K.
On the other hand, BTC maintaining a position above $30,308 for the next few days may lay the foundation for it to challenge the resistance at $31,800 in the following week. Continued buy pressure could result in the market leader’s price flipping the resistance at $34K into support before a potential test at $36,360 in the upcoming couple of weeks.
BTC’s price stood at $29,786.84 at press time according to CoinMarketCap. This was after it printed a 24-hour loss of 0.43%. This negative daily performance also pushed the leading cryptocurrency’s weekly performance further into the red to -1.60%.
BTC had established a daily high at $30,330.64 but had since retraced to trade at its current level. Meanwhile, its 24-hour low sat at around $29,674.53. This meant that BTC was trading closer to its daily low than its daily high at press time.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
