Traders and investors are looking at different key levels after Bitcoin’s recent recovery:They must hold so that there is no further decline. Which are the Bitcoin, explains among other professional trader Michaël van de Poppe.
These areas are relevant to Bitcoin
True, after its recent drop below $ 30,000, the Bitcoin price was able to recover back above $ 33,000. However, the number 1 cryptocurrency by market capitalization did not manage to climb above $ 35,000.
Further losses threaten unless BTC can maintain a certain level. Similar with Ethereum: the bulls of the second-placed cryptocurrency tried to push ETH above $2,000 against the US dollar, but failed. Over the past 24 hours, ETH has now lost 2.88% and is currently trading at $ 1,945.
In a recent video, popular professional trader Michaël van de Poppe now outlines the critical area Bitcoin must hold to avoid further declines. If Bitcoin fails to do so, BTC could face further losses of 20%, according to Poppe to his 106,000 Youtube subscribers. Specifically, the range around $ 30,000 is meant – because a further decline could have drastic consequences. Poppe:
“At this stage, if we continue to make this range-bound movement, the area we’ve marked green is the area we should hold as support. If that’s lost, I think we’ll have a fallback towards $24,000. This is the next support zone.”
$30k and $ 35k as critical zones
A fall back towards $ 24,000 could, of course, mean the knock-out for the uptrend hanging by a thread. In another video, Poppe also explains: The region around $ 35,000 is the critical limit that Bitcoin must now push through on its way up. Once that succeeds, Bitcoin will accelerate and could then rise to $38k or even $40.5 K.
Trader colleague @rektcapital looks similar. He writes to his more than 166,000 Twitter followers: Bitcoin is currently testing the $ 32,000 range again. If Bitcoin can hold on here, Rekt Capital also sees an early increase.
# BTC is still in the process of retesting the ~$32000 level (black) as support
— Rekt Capital (@rektcapital) June 24, 2021
But there are also bearish voices. Analyst and Crypto Trader Alex Krüger commented a scenario outlined by hedge fund manager Michael J. Burry. This shows a collapse including a price drop to $ 24,000.
“The $ BTC scenario that Burry presents can happen. That’s one of the reasons why holders & funds have sold so much and stablecoin balances are so large on the sidelines. Look at the market, it’s pretty dead.“
There is still a lot of uncertainty in the crypto markets: there are as many bearish as bullish or neutral takes. Traders and investors are now looking forward to Bitcoin’s next move.
Last updated on June 24, 2021
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