Crypto analyst Michaël van de Poppe is laying out the next possible steps for Bitcoin (BTC) after it tumbled in price on Thursday.
In a new strategy session, Van de Poppe tells his 165,000 YouTube subscribers that Bitcoin “slammed through a few support levels” on Thursday after the equities indices registered sharp moves down.
“Given that the move itself is so impulsive, it usually takes liquidity beneath there [$37,000] and given that that resulted into taking liquidity beneath these lows [$37,000], it started to shoot even heavier, resulting in this big volume spike.”
Van de Poppe also highlights that the corrective move on May 5th registered the highest volume surge on the two-hour chart since December when Bitcoin collapsed from $56,000 to $42,000.
Bitcoin is trading at $36,117.66 at time of writing. The top-ranked crypto asset by market cap is down more than 6.5% in the past week and nearly 17% in the past 30 days.
Van de Poppe says Bitcoin needs to regain $37,500 in order to flash signs of life. Van de Poppe says that the recovery of the $37,500 level could inspire a rally back up to $40,500.
The trader also outlines his bearish scenario.
“The three levels that I am watching are the levels at $36,300, $34,800 and the region around $32,000, and if it gets there, we probably overshoot towards the daily block at $30,000.”
Bitcoin is currently down about 47.7% from its all-time high, which it hit in early November 2021.
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