A widely followed crypto analyst is highlighting key price levels for Bitcoin (BTC) as the crypto markets take a slight tumble.
Crypto trader Michaël van de Poppe warns his 654,200 Twitter followers that the king crypto is showing weakness at current levels and could retrace even further.
“Bitcoin is currently showing weakness.
Broke back in the range, lost one of the crucial levels.
Final crucial level is at $27,600. Could take liquidity beneath, but needs a fast recovery.
If not, and no break of $28,800, then I suspect we’ll see $26,200.”
BTC is worth $27,987 at time of writing, barely holding on to the “crucial level” highlighted by Van de Poppe. Bitcoin is down 1.86% in the last 24 hours, 7% in the last seven days.
Furthermore, Van de Poppe himself doesn’t seem to be entirely certain as to why BTC is down as the US Dollar Index (DXY) drops and gold goes up. He also notes less volatility for the traditional financial indicators Nasdaq and the S&P 500 (SPX).
“Nasdaq & SPX barely moving on the day.
Yields drop.
DXY consolidates.
Gold is up.
Yet, Bitcoin is down.
Indices are ready to follow?
Levels to watch: This zone around $28,200 for Bitcoin and $27,000.”
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