The crypto market saw high levels of volatility during the day. The leading cryptocurrency Bitcoin (BTC), after climbing to levels of $31,390, fell back down again, briefly dipping below $30,000. However, BTC began to recover in a short time, rising to the levels of $30,300. Evaluating this recent situation in Bitcoin, the analyst points out potential price levels that could play a critical role for BTC in the near term.
Current Situation in Bitcoin
The leading cryptocurrency Bitcoin (BTC) started to decline again immediately after it climbed to the levels of $31,390 during the day, and momentarily slipped below $30,000 due to the ADP (US Nonfarm Employment Change) data coming out much higher than expectations. However, BTC began to recover in a short time, rising to the price levels of $30,300 with its recent value increases.
The volatility in the crypto market also increased significantly during this period. According to the data shared by Coinglass, an average of $135 million worth of short and long positions were liquidated in the last 24 hours.
These Price Levels are Critical for BTC According to the Analyst
Crypto analyst Michaël van de Poppe evaluated the current technical views in Bitcoin with a series of shares from his Twitter account and pointed to potential price levels that could play a critical role for BTC in the near term. The analyst suggested that for Bitcoin to continue to rise in the near term, it needs to surpass the $30,750 price level.
On the other hand, the analyst emphasized price levels that could be of critical importance for BTC in the near term in case the rises do not continue, and evaluated possible scenarios. The analyst, who shared an analysis that Bitcoin needs to exceed the $30,750 levels in the near term in order for the rises to continue, stated that in the opposite case, BTC could retract back to the $28,500 price levels.