The cryptocurrency market started the day with a decline as Bitcoin fell to around $27,200. Most of the cryptocurrencies with high market capitalization lost value at various rates. The total market capitalization of the cryptocurrency ecosystem fell to $1.13 trillion, according to CoinMarketCap (CMC) data. Evaluating this decline in the market, the analyst pointed to possible price levels that could play a critical role for BTC in the near term.
Bitcoin Started the Day with a Decline
Bitcoin (BTC), the leading cryptocurrency, fell 1% in the last 24 hours to $27,100. The cryptocurrency market also started the day with a decline due to the depreciation in Bitcoin. The total market capitalization of the crypto industry fell to $1.13 trillion, according to CMC data.
The cryptocurrency market started the day with relatively low volatility. According to data shared by Coinglass, $50 million worth of short and long positions were liquidated in the last 24 hours.
On the other hand, analyst Michaël van de Poppe, who evaluated this downward trend in the cryptocurrency market, evaluated the current technical outlook in the cryptocurrency market in a series of posts on his Twitter account and pointed to possible price levels that could play a critical role for BTC in the near term.
Analyst Points to Critical Price Levels
Analyst Michaël van de Poppe suggested that the leading cryptocurrency Bitcoin should continue to be traded above the support levels of $ 26,800 and $ 27,000 in the near term, otherwise the depreciation could accelerate and Bitcoin could fall to $ 26,000.
On the other hand, the analyst also mentioned a possible bullish scenario for the cryptocurrency market. Stating that Bitcoin needs to exceed 27,500 levels in order to record a strong rise again, the analyst stated that with the exceeding of these levels in the near term, the cryptocurrency market could regain an upward momentum.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry risks due to their high volatility and should carry out their transactions in line with their own research.
