The cryptocurrency market has seen a strong downward momentum during the week. Bitcoin, the leading cryptocurrency, has lost nearly 3% of its value in the last 24 hours. The total market capitalization of the cryptocurrency ecosystem fell to $1.1 trillion after these recent declines, according to CoinMarketCap (CMC) data. Evaluating this current technical outlook in the cryptocurrency market, the analyst pointed to near-term critical price levels.
Is the Trend Reversing in Bitcoin?
Bitcoin (BTC) lost nearly 3% of its value in the last 24 hours and started trading at $26,350. The cryptocurrency market has been on a strong downward momentum since the beginning of the week due to the depreciation of the leading cryptocurrency. The total market capitalization of the cryptocurrency ecosystem also fell to $1.1 trillion, according to CMC data.
Most altcoins in the cryptocurrency market lost value at high rates during the week. While this decline in the market continues, cryptocurrency analyst Michaël van de Poppe evaluated the current technical outlook in a series of posts on his Twitter account and pointed to possible price levels that could play a critical role for BTC in the near term.
Analyst Points to Critical Price Levels
Cryptocurrency analyst Michaël van de Poppe stated that Bitcoin has shown a downward trend and the decline in the cryptocurrency market continues, and mentioned the critical price levels that need to be exceeded in the near term in order for the rise to continue. The analyst suggested that the leading cryptocurrency Bitcoin should exceed the $ 26,500 to $ 26,800 band, otherwise the depreciation in BTC could accelerate.
Stating that if the $ 26,500 and $ 26,800 levels cannot be exceeded in the near term in order to reverse the current downward momentum, the analyst stated that the depreciation may accelerate, and shared his thoughts that Bitcoin could fall to $ 25,000 price levels in the possible scenario.
