The leading cryptocurrency, Bitcoin (BTC), despite its rises at the start of the week, entered into a downward trend in the morning, falling below the price level of $27,100. Michaël van de Poppe, evaluating the recent plunge in Bitcoin, pointed out price levels that could play a critical role in the near term for BTC.
Is the Decline in Bitcoin Going to Deepen?
The leading cryptocurrency, Bitcoin (BTC), started the week on a positive note but returned to a downward trend in the morning, recording a loss of nearly 3% over the past 24 hours, starting to trade from price levels of $27,100. According to CoinMarketCap (CMC), the total market value of the crypto ecosystem has slipped to $1.13 trillion. Moreover, due to volatility in the crypto market, approximately $90 million worth of short and long positions were liquidated in the last 24 hours, according to Coinglass data.
As this drop in Bitcoin continues, crypto analyst Michaël van de Poppe evaluated the recent plunge in Bitcoin via a series of tweets, pointing out potential price levels that could play a critical role in the short term for BTC.
Analyst Points to Critical Price Levels
Crypto analyst Michaël van de Poppe mentioned the near-term critical price levels and discussed potential decline and rise scenarios. The analyst suggested that if Bitcoin maintains its current price levels and surpasses the $27,500 level in the near term, it may regain a strong upward momentum. He emphasized that the $27,000 level is crucial for Bitcoin to show a renewed uptrend.
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On the other hand, the analyst also pointed to a scenario where the value losses continue, and critical support levels are lost, which may accelerate Bitcoin’s decline. According to the analyst, the decline in Bitcoin could gain speed with a drop below $26,600.
