Leading cryptocurrency, Bitcoin (BTC), began the day with a decrease, recording nearly a 2% loss over the past 24 hours and dropping down to price levels around $26,250. This led the cryptocurrency market into a downturn, with CoinMarketCap (CMC) data indicating a decrease in the total market value of the crypto ecosystem to $1.1 trillion. Moreover, volatility in the cryptocurrency market also witnessed a significant rise. According to Coinglass data, over the past 24 hours, roughly $120 million worth of both short and long positions were liquidated.
Will Bitcoin’s Decline Continue?
Crypto analyst Michaël van de Poppe evaluated these recent downturns in the crypto market, pointing out potential price levels that could play a crucial role for Bitcoin in the short term through a series of posts on his Twitter account.
The analyst suggested that, when considering longer time frames, the trend for Bitcoin is still bullish and that recent declines are short-term healthy corrections. Contrary to expectations of Bitcoin potentially recording a major drop and regressing to price levels around $12,000, the analyst highlighted that short-term support levels are quite critical. He pointed out that if the declines continue, the price level of $25,800 could be followed.
Analyst Points to Critical Price Levels
Furthermore, crypto analyst Michaël van de Poppe also mentioned potential scenarios that might occur in the market if BTC resumes its uptrend. The analyst suggested that if Bitcoin surpasses $26,600 again, the current situation could be indicative of reaching the bottom price levels.
