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The consolidation of the leading cryptocurrency, Bitcoin, at the $29,000 price level has resulted in a significant decrease in volatility in the crypto market. Analyzing the recent situation of BTC, which has been trading around $29,000 since last week, an analyst discussed possible scenarios of both downturn and uptrend and pointed out critical price levels.
Will Consolidation Continue in Bitcoin?
The cryptocurrency market has started to show a more sideways movement in recent weeks, as the leading cryptocurrency Bitcoin consolidates at the $29,000 price level. Ethereum (ETH), which has lost over 2% in the past week, dropped below the $1830 price level.
Most high market cap cryptocurrencies started the new week with a decline. According to CoinMarketCap (CMC) data, the total market value of the crypto ecosystem dropped to $1.16 trillion. Furthermore, according to Coinglass data, there was an average of $40 million worth of short and long positions liquidated in the crypto market in the last 24 hours.
Analyzing this recent situation in the crypto market, an analyst discussed possible scenarios of both downturn and uptrend and pointed out critical price levels that could play a crucial role for the leading cryptocurrency BTC.
Analyst Highlights Critical Price Levels
Crypto analyst Michael Van de Poppe, evaluating the recent market situation through a series of tweets, suggested that if BTC fails to surpass critical resistance levels in the short term, the price losses could continue down to $28,000.
On the other hand, the analyst also mentioned the uptrend scenario and stated that for the uptrend to gain momentum, the leading cryptocurrency Bitcoin needs to surpass the $29,700 price level in the short term. The analyst pointed out the importance of critical data and referred to the US Consumer Price Index (CPI) to be announced on Thursday at 15:30 (Turkey time).
