Benzinga - A well-known crypto analyst on Tuesday cautioned about a potential bearish trend for Bitcoin (CRYPTO: BTC), the king cryptocurrency.
What Happened: In a recent update to his 657,200 followers, Michaël van de Poppe noted that “Bitcoin is again chopperino.”
According to Van de Poppe, the apex crypto has been rejected at its first resistance point and is now hovering in a must-hold zone between $26,800-27,000. If this zone is lost, there is a possibility of a potential bullish divergence, with Bitcoin cascading downwards towards $26,000.
However, if the cryptocurrency can hold steady in this range and break through the $27,500 mark, the analyst notes that it may be poised for a bullish run.
Sigh, #Bitcoin is again chopperino.Rejects at first resistance point, has a must-hold zone between $26,800-27,000.
If that's lost, we'll probably cascade towards
Holding here would be good, needs to break $27,500 then. pic.twitter.com/rjtDplSI0Q
— Michaël van de Poppe (@CryptoMichNL) May 16, 2023
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Why It Matters: In a separate tweet on Monday, Van de Poppe said that Bitcoin is holding the 200-day moving average (MA) and exponential moving average (EMA) on the weekly timeframe, which are bullish indicators.
#Bitcoin breaks upwards and tests $27,600.Good signs.
Weekly timeframe; Holding 200 MA and EMA.
I think we're continuing towards $38,000-42,000 from here. pic.twitter.com/gduHkOFUHu
— Michaël van de Poppe (@CryptoMichNL) May 15, 2023
Read More: Bitcoin, Ethereum, Dogecoin Fall Amid Liquidity Crunch Worries: Analyst Says King Crypto Could Hit Fresh All-Time Highs In 2023'
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