Bitcoin (BTC), which has been relatively flat in recent weeks, has started to consolidate between the price levels of $29,500 and $31,500. An analyst evaluating the current situation of BTC discussed two different possible scenarios for the leading cryptocurrency and pointed out critical price levels. The analyst
Will Consolidation Continue in Bitcoin?
The cryptocurrency market has started to follow a relatively flat trend in recent weeks. During this period, Bitcoin (BTC), which consolidated around the price levels of $29,500 and $31,500, started the weekend with an increase but has not yet surpassed the $30,000 price level. Additionally, there has been a decrease of around 30% in BTC’s total trading volume in the last 24 hours.
Most high market cap cryptocurrencies have seen low increases in value since the morning. According to CoinMarketCap (CMC) data, the total market value of the cryptocurrency ecosystem has reached $1.2 trillion with a 0.2% increase in the last 24 hours. Additionally, approximately $40 million worth of short and long positions were liquidated in the last 24 hours, according to Coinglass data.
A cryptocurrency analyst evaluating the current technical outlook of Bitcoin pointed out possible price levels that could play a critical role in the near term. The analyst highlighted two different scenarios for BTC.
Analyst Points Out Critical Price Levels
Cryptocurrency analyst Michael Van de Poppe drew attention to critical price levels with a series of tweets posted on his Twitter account. The analyst suggested that if BTC fails to surpass critical resistance levels in the near term, it could potentially fall back to the $29,000 price level. On the other hand, the analyst also discussed a possible bullish scenario if the critical levels are not breached.
Cryptocurrency analyst Michael Van de Poppe stated that if the leading cryptocurrency Bitcoin surpasses the price levels of $30,200 and $30,400 in the near term, it could accelerate its upward movement. According to the analyst, a strong rally could occur, reaching the $31,500 price level.
