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Following the historic decision in the Ripple case, the cryptocurrency market, which experienced a strong surge, fell again on the first day of the week. The leading cryptocurrency Bitcoin (BTC) dropped to $30,200 levels with its recent losses. A crypto analyst evaluating the current situation of Bitcoin pointed out possible price levels that could play a critical role for BTC in the near future.
Will the Rise in Bitcoin Continue?
Although the cryptocurrency market gained strong momentum last week with the historic decision in the Ripple case, it started the new week with a decline. The leading cryptocurrency Bitcoin (BTC) dropped to $30,200 levels with its recent losses. Most cryptocurrencies in the market started to decline again in the morning hours. The total market value of the crypto ecosystem decreased to $1.21 trillion according to CoinMarketCap (CMC) data. Ethereum (ETH) started trading at $1,915 with a 1% loss in the last 24 hours.
Meanwhile, the cryptocurrency market started the new week with relatively low volatility. According to the data shared by Coinglass, a total of $80 million worth of short and long positions were liquidated in the last 24 hours.
Analyst Points Out Critical Price Levels
Crypto analyst Michael Van de Poppe evaluated the current technical outlook in the cryptocurrency market and pointed out possible price levels that could play a critical role for BTC in the near future. The analyst suggested that Bitcoin needs to maintain the $30,200 price levels for the ongoing rise in the cryptocurrency market.
While crypto analyst Michael Van de Poppe stated that the rise in the cryptocurrency market could continue if Bitcoin maintains the $30,200 price levels, he also added that many investors in the market expect BTC to drop back to $28,000 levels.
