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Since the beginning of the week, the leading cryptocurrency Bitcoin (BTC) has been fluctuating between $28,750 and $30,000. It started trading at around $29,400 after falling below the $30,000 level again. A crypto analyst evaluating the recent situation in Bitcoin pointed out price levels that could be of critical importance for BTC in the near term and discussed possible scenarios of decline and rise.
Current Situation in the Market
Although it surpassed the $30,000 level at the beginning of the week, the leading cryptocurrency Bitcoin (BTC) dropped back to around $29,000 during the week. After Bitcoin fell below the $30,000 level, it consolidated between $29,000 and $29,500, causing most altcoins in the crypto market to decline again in recent days.
The volatility in the cryptocurrency market has also significantly decreased compared to the beginning of the week. According to the data shared by Coinglass, approximately $20 million worth of short and long positions were liquidated in the crypto market in the last 24 hours.
According to the Analyst, These Price Levels Are Critical
Crypto analyst Michael Van de Poppe, who evaluated the current situation in the market, indicated price levels that he believed could play a critical role for BTC in the near term and discussed possible scenarios of decline and rise in a series of tweets.
The crypto analyst, claiming that the dip price levels have been reached in BTC and that the trend in the cryptocurrency market is still bullish, stated that Bitcoin could gain momentum with a break above $29,700. However, while sharing his thoughts on the possibility of gains accelerating with the surpassing of the $29,700 level, the analyst also drew attention to critical support levels.
The crypto analyst emphasized the critical importance of the $29,000 level, suggesting that in order for BTC to continue its upward movement in the near term, these price levels need to be maintained. According to the analyst, if Bitcoin falls below the $29,000 level again, the losses could continue until around $28,200.
