Bitcoin, the world's largest cryptocurrency, recovered after the recent correction and took back the $ 26,600 level as support.
According to cryptocurrency analyst Michaël van de Poppe, this is the first step for Bitcoin to continue its upward momentum and potentially break the $29,000 resistance next week.
Van de Poppe also pointed out that Bitcoin still holds the 200-week moving average (MA), a key indicator of the long-term trend, for support. He added that Bitcoin's resilience is notable given the global turmoil affecting traditional markets and fiat currencies.
That's step one for #Bitcoin, as we reclaim $26,600 and are looking for continuation towards the range highs.
If the recent correction is deviation, we might break to $29,000 next week. pic.twitter.com/SWCH12DW13
— Michaël van de Poppe (@CryptoMichNL) May 26, 2023
He gave various examples of the challenges facing the world economy, such as the collapse of multiple banks, the US facing bankruptcy by exceeding the debt ceiling, and the fastest-ever increase in the federal funds rate.
He compared these events with the performance of the S&P 500 and Nasdaq indices, which respectively pushed their yearly highs and hit a one-year high.
He concluded his article by saying that Bitcoin has successfully retested the $26,600 level and that it seems to continue.
At the time of this writing, Bitcoin is trading at $26,783.06.
*Not investment advice.
