Michaël van de Poppe, a popular crypto analyst and trader, has highlighted key levels for Bitcoin (BTC), the largest digital currency by market capitalization, as the cryptocurrency market takes a slight break from its progressive price performance.
In a recent tweet, Van de Poppe warned his teeming followers that the flagship cryptocurrency is showcasing weakness at current levels and could experience further retracement.
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Michaël van de Poppe tweeted, “Bitcoin is currently showing weakness. Broke back in the range, lost one of the crucial levels. Final crucial level is at $27,600. Could take liquidity beneath, but needs a fast recovery. If not, and no break of $28,800, then I suspect we’ll see $26,200.”
#Bitcoin is currently showing weakness.
Broke back in the range, lost one of the crucial levels.
Final crucial level is at $27,600. Could take liquidity beneath, but needs a fast recovery.
If not, and no break of $28,800, then I suspect we'll see $26,200. pic.twitter.com/TuCaFq8eIk
— Michaël van de Poppe (@CryptoMichNL) April 21, 2023
At the time of filing this report, BTC is trading at $27,949. It’s barely holding on to the crucial level highlighted by the trader. Over the last 24 hours, the King Crypto has managed to record a relatively 2% price gain, but still down about 9% in the last seven days, according to CoinMarketCap.
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Additionally, Van de Poppe himself doesn’t seem to be entirely certain as to why BTC is down as the US Dollar Index (DXY) drops and gold goes up. He also notes less volatility for the traditional financial indicators Nasdaq and the S&P 500 (SPX).
“Nasdaq & SPX barely moving on the day. Yields drop. $DXY consolidates. Gold is up. Yet, Bitcoin is down. Indices are ready to follow? Levels to watch: This zone around $28.2K for Bitcoin and 27K.”
Nasdaq & SPX barely moving on the day.
Yields drop.$DXY consolidates.
Gold is up.Yet, #Bitcoin is down.
Indices are ready to follow?
Levels to watch: This zone around $28.2K for #Bitcoin and $27K.
— Michaël van de Poppe (@CryptoMichNL) April 20, 2023
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