One popular crypto analyst says Bitcoin (BTC) must reclaim a specific price level to turn crypto markets bullish again.
In a series of tweets, crypto trader Michaël van de Poppe tells his 565,700 Twitter followers that the markets rejected Bitcoin at $38,000.
“Bitcoin rejected on the first crucial resistance at $38K.
Reclaiming $37.6K would be something, not expecting it.”
Hours later, Van de Poppe confirmed the $38,000 rejection while highlighting BTC support levels at $34,000 and $36,000. Van de Poppe also names the first step towards entering a bull market – flipping the $37,600 resistance to support.
“When we’re looking at a bit higher timeframes for Bitcoin.
Rejected at the crucial resistance around $38K.
Dropped south, making important support levels $36K and $34K.
If we want to become bullish -> Flip $37.6K is [the] first step.”
Van de Poppe predicts a possible BTC bounce in the coming weeks and months, but with a major caveat.
“Might have a short-term bounce, but anything sub $37.5K isn’t shouting for bullishness.”
Bitcoin is trading for $36,037 at time of writing, down 3.22% on the day.
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