The world's largest cryptocurrency exchange, Binance, temporarily stopped BTC withdrawals due to a problem in the Bitcoin network.
Although Binance solved this problem, Bitcoin was negatively affected by this problem and declined to $ 27,500.
There were also pullbacks in altcoins affected by the drop in BTC.
Evaluating the decline in BTC, popular analyst Michael van de Poppe explained the support levels that should be followed in Bitcoin.
Pointing out that $29,200 is a level that needs to be broken first for BTC, Poppe said that the expected breakout was not, and that some FUD news about Binance prevented this breakout from happening.
Stating that the important support levels to follow in BTC are $ 27,400 and $ 26,800, Poppe made the following statements:
“The previously mentioned $29,200 was the key level for Bitcoin to break.
We made a jump towards it, but there was no break. Additionally, some FUD news on Binance is also not helping for this breakout to happen.
For potential long positions to the $29,600 CME deficit, $27,400 or $26,800 are important levels to watch for BTC."
Mentioned before that $29.2K was the key level to break for #Bitcoin.
We did have a bounce towards it, but no break. Additionally some FUD regarding #Binance, doesn't help.
Looking at $27.4K or $26.8K for potential longs towards CME gap at $29.6K. pic.twitter.com/g6w4N3kj0d
— Michaël van de Poppe (@CryptoMichNL) May 8, 2023
*Not investment advice
