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Bitcoin (BTC), the leading cryptocurrency, has started the new week on the rise, recording an average value increase of about 2.5% in the last 24 hours and surpassing the $28,000 price level during the day. Crypto analyst Michaël van de Poppe, evaluating this recent rise in the crypto market, pointed to potential price levels that could play a critical role for BTC in the near term.
Will Bitcoin’s Rise Continue?
Bitcoin (BTC), which began the new week on the rise, recorded an average value increase of about 2.5% in the last 24 hours, surpassing the $28,000 price level in the morning hours. The crypto market, influenced by the increase in Bitcoin’s value, has returned to an upward trend. The total market value of the crypto ecosystem reached $1.16 trillion, according to CoinMarketCap (CMC) data. Furthermore, volatility in the crypto market has also increased. According to Coinglass data, an average of $130 million worth of short and long positions were liquidated in the last 24 hours.
As the crypto market started the new week on the rise, the analyst, evaluating the current situation in Bitcoin, pointed to potential price levels that could play a critical role for BTC in the near term.
Analyst Points to Critical Price Levels
Crypto analyst Michaël van de Poppe evaluated the current market situation in a series of posts on his Twitter account. The analyst suggested that the current technical outlook indicates a bullish trend and that BTC could continue to appreciate in value in the near term. The analyst, pointing to potential critical support levels for near-term corrective movements, indicated that the $27,300 to $27,500 range holds crucial importance.
However, the analyst suggested that aside from near-term retracements, the technical outlook indicates a bullish trend for BTC and that the rise could continue to price levels between $32,500 and $34,000 in future periods.
Disclaimer: The information in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry risk due to their high volatility, and should conduct transactions based on their own research.
