Michael van de Poppe Marks Bullish and Bearish Case for Bitcoin as it Loses Critical Levels
The crypto markets, which had been largely stagnant for a long time, have been shaken by the upcoming FOMC minutes. Although the previous script of the FOMC meeting has yet to be released, the upcoming agenda of the meeting was also expected to have a larger impact on the crypto markets, specifically Bitcoin. Now that the minutes are to be released shortly, the crypto markets have been displaying a negative impact as the BTC price is on its way to hitting $26,000.
The BTC price has been rejected multiple times from levels around $27,500 and is presently facing extended bearish action. Hence, the price is expected to maintain a significant bearish trend that may even plunge below $25,000, as predicted by a popular analyst, Michael van de Poppe.
The analyst here offers both bullish and bearish levels for the Bitcoin price in the coming days. He says the next level to closely watch maybe $25,800, which has been triggering bullish divergence for quite some time. If in case, the price fails to keep up above these levels, then a breakdown may drag the price lower.
“Bitcoin lost crucial levels after rejecting at $27.5K,
I wanted it to hold $27K, it didn’t.
Scenarios I’m watching;
-Sweep $25.8K for bullish div long play (perhaps $24.9K)
-Reclam $26.6K or preferably $27.5K = long play for me as then we’ll accelerate towards high,”