The leading cryptocurrency, Bitcoin (BTC), experienced a drop to the price levels of $25,600 during the day. The crypto market has gained a downward momentum as BTC falls below the $26,000 levels. Evaluating the current technical outlook of Bitcoin, a crypto analyst highlighted the price levels that could play a critical role in the near future and discussed possible scenarios.
The crypto market started the day with a downward momentum. The leading cryptocurrency Bitcoin (BTC) fell to the price levels of $25,600 during the day. With BTC falling below the $26,000 price levels, most altcoins in the crypto market have experienced further losses since the morning hours.
Ethereum (ETH) started trading at $1620 after its recent losses. The total market value of the crypto ecosystem also declined to $1.04 trillion according to CoinMarketCap (CMC) data.
As BTC fell below $26,000 levels, several cryptocurrencies also experienced significant losses throughout the day. Crypto analyst Michael Van de Poppe evaluated the recent situation of BTC in a tweet as the market decline continues.
Analyzing the current technical outlook of Bitcoin, crypto analyst Michael Van de Poppe pointed out possible price levels that could play a critical role in the near future and discussed possible scenarios for BTC. The analyst suggested that if the decline continues in the short term, Bitcoin could fall to the levels of $24,800 to $25,300, but after reaching these levels, it could initiate a new uptrend.
Furthermore, crypto analyst Michael Van de Poppe also identified price levels that he believes Bitcoin needs to surpass in the near future to regain a strong upward momentum. According to the analyst, if BTC surpasses the $26,700 levels in the short term, it could start a new uptrend in the crypto market.