The Crypto Markets slow down after rallying yesterday after US Treasury secretary’s comments on Biden’s executive order leaked prematurely. Bitcoin Price was down more than 6% trading at $39,086. Major altcoins like Ethereum (ETH) and XRP were also trading lower.
Bitcoin Price Analysis
Bitcoin (BTC) market has seen another short-lived surge in a display of market volatility. The flagship currency dropped around 7.5% in the last 24-hours, closing at around $39,300.
Bitcoin price has continued to fall below the $38,000 support level. BTC/USD, on the other hand, found support near $37,150 and began a decent recovery wave. On the uptrend, the next resistance is near the swing high of $39,545. The next major stumbling block is around the $40,000 mark.
The 100 hourly simple moving average and the $38,800 level are the next major supports. If the price breaks below the $38,800 support, it may gain bearish momentum. In the aforementioned scenario, there is a risk of a move towards the $37,500 level.
BTC Price to Go bullish soon!
Van de Poppe tells his 165,000 YouTube subscribers in a new video that he believes Bitcoin will soon have a short drop into the $36,000 price region. Bitcoin (BTC) will have to endure a few more losses, according to popular crypto trader Michael van de Poppe, before reentering another bull market.
Dips, according to the crypto analyst, will provide BTC with “some fuel” to build momentum and climb up to the $40,000-$41,000 level.
“Looking at the daily (chart)… we have been taking the resistance again, we have been taking liquidity….That is also a recent level so then I’m assuming we’re going to have a correction towards the area around $36,000”
He explains that if we get above $41,100, we have this trend, which you could call a bearish signal or something, and then we reject and get back down to take all the liquidity, and then we’re back in the bull cycle.
Van de Poppe said he’ll buy Bitcoin if the price rises above $46,000 or if it loses a lot of liquidity and falls below the $30,000 mark. He claims he’ll “de-risk” his BTC investment if it simply swings back to $41,000, which he believes it will.