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Crypto strategist Michaël van de Poppe highlighted that breaching Bitcoin’s weekly support level of $84,500 could trigger a series of rallies. He emphasized the significance of maintaining this critical level for the continuation of the upward trend. Otherwise, there is a risk that Bitcoin’s price could fall below $82,000, creating new lows. Traders are closely monitoring developments in the cryptocurrency market as Bitcoin 
$109,035 currently shows an increase of 5.7%, trading at $87,315.
Bitcoin Support Level
The $84,500 level is seen as essential for Bitcoin to gain upward momentum. Van de Poppe noted that surpassing this threshold could result in positive price movements. Conversely, if the price dips below this support level, investors must exercise caution as risks would escalate.
Maintaining Bitcoin’s critical support level affects overall market confidence. Traders are formulating strategies based on this level, expecting it to hold while planning precautionary measures against the risk of dropping below $82,000. This situation serves as a pivotal reference point for cryptocurrency investors.
Chainlink Assessment
Michaël van de Poppe assessed the double bottom formation in the weekly chart of the decentralized oracle network Chainlink 
$15. This formation is interpreted as a positive indicator signaling buyer engagement. The potential upward movement in the LINK/BTC pair is attracting investor attention.
The identified formation for Chainlink is regarded as a reversal signal in the cryptocurrency market. The analyst stated that the double bottom formation strengthens the support level, prompting traders to adjust their buying and selling strategies based on the relationship between Chainlink and Bitcoin. This evaluation provides early signals for potential market fluctuations.
Graphical data indicates that Chainlink could reach a potential peak near the 0.000795 BTC level. This milestone may be crucial for the pair’s upward movement. Investors forecast increased volatility if the formation is fully realized, influencing strategies for participants in both Bitcoin and Chainlink markets.
