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Crypto Analyst Michaël Van De Poppe Calls Bitcoin 'Chopperino,' Shares Important Holding Levels

Published 16/05/2023, 14:14
© Reuters Crypto Analyst Michaël Van De Poppe Calls Bitcoin 'Chopperino,' Shares Important Holding Levels

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.

See More: The Art Of The Future: Lisa Ray’s TheUpsideSpace Bring NFTs To Center Stage

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.

Read More: Bitcoin, Ethereum, Dogecoin Fall Amid Liquidity Crunch Worries: Analyst Says King Crypto Could Hit Fresh All-Time Highs In 2023'

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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