According to Michaël van de Poppe, a popular analyst and trader, the cryptocurrency market is still in a consolidation phase.
Van de Poppe shared his views on Twitter at the moment when the Bitcoin price is at $ 30,521.
Van de Poppe said that Bitcoin has experienced a leverage squeeze that has wiped out both long and short positions in the past 24 hours. However, he noted that the price has not made a new low and remains above the key $30,000-30,200 support level.
He added that if Bitcoin is able to maintain this level, it could regain momentum and test the high range around $36,000. A break above this resistance could trigger a bullish rally for BTC.
He also commented on the total market capitalization of crypto, which measures the combined value of all digital assets. He said this metric is poised to hit a new high, but must remain above $1,045 trillion to do so.
He pointed out that the OTHERS chart, which excludes the top 10 coins by market cap, is still in a depression phase. According to the analyst, this means that there are opportunities to accumulate them before altcoins start to rise.
*Not investment advice.