Bitcoin, which could not continue its rise above $ 28,000, declined to $ 27,700.
While the decline in BTC also affected altcoins, Ethereum, which rose above $ 1,900 in a short time, declined to $ 1,860.
While BTC and ETH prices recovered slightly, analyst Michael van de Poppe, who is closely followed by investors, evaluated Bitcoin's performance.
Pointing to key resistance and support points in Bitcoin, Poppe said that $28,600 still remains an important resistance for BTC.
Stating that the support level has expanded with the current decline in Bitcoin, the analyst stated that the support is $ 27,600.
Noting that $27,600 is critical for BTC if the declines continue, the analyst argued that if the market starts to rise again, the $28,600 resistance can be tested again.
“ For Bitcoin, 28,600 continues to be resistance and 27,600 solar continues to be support.
If BTC holds this critical support level and rises again, $28,600 could be retested.”
The $28,600 price level for #Bitcoin remains to be resistance.
With this current structure, you'd like to see a sweep in support again.
This level is at $27,600.
If that holds and we'll bounce back up, continuation until either $27,600 or $28,600 gets tested again. pic.twitter.com/5YniZzuua6
— Michaël van de Poppe (@CryptoMichNL) April 6, 2023
Thinking that we are looking for bottoms in Bitcoin, Poppe said that altcoins, especially Ethereum (ETH), are stronger at this stage compared to BTC.
Finally, looking at the EMA-200 and MA-200 levels, Poppe said that the total cryptocurrency market cap is above them.
Arguing that the market value will not come below EMA-200 and MA-200 at this point, the analyst stated that the rise in Bitcoin will continue in the coming months.
“Taking all the negatives into account, including FTX, Voyager, Celsius, LUNA and 3AC, BTC went from $15,000 to $28,500.
And we'll probably see Bitcoin hit $40,000-$50,000 in the coming months."
The total market capitalization of #crypto is above the 200-EMA and 200-MA.
Usually, it doesn't come back beneath.
All things taken into account, including FTX, Voyager, Celsius, $LUNA and 3AC, we're up from $15,000 to $28,500.
Probably we'll continue to $40-50K coming months pic.twitter.com/pvWmcMSd9m
— Michaël van de Poppe (@CryptoMichNL) April 6, 2023
*Not investment advice.
