A well-known crypto analyst on Tuesday cautioned about a potential bearish trend for Bitcoin BTC/USD, 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.
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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.
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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