Crypto analyst Michaël van de Poppe is warning that Bitcoin will likely plummet in value if BTC loses one key level as support.
In a post on X, Van de Poppe says that the crypto market is showing signs of weakness and that Bitcoin needs to hold the “crucial area” above the $74,000 level or the top crypto asset will probably collapse below $65,000.
“Bitcoin doesn’t look great. Far from it. Five consecutive days of red candles, liquidations on the long side, [Michael Saylor’s Strategy] buying another $2 billion in assets, and there’s no momentum at all taking place. There’s still an outstanding CME gap at $79,100 waiting for the markets to be filled. That’s also the crucial area to break through in order to be getting back some momentum in the markets, as it’s currently facing a crucial resistance zone for support. If this area doesn’t hold, then we’re most likely cascading through the lows of the recent rally and test less than $65,000 for support.”
The analyst also says that the global economy is flashing bearish for Bitcoin.
“Oil continues to rally upwards, Brent currently trading at $107. Yields are back up again, causing the indices and gold to go down. Japan made a new high today. Neither of these are progressive for risk-on assets (including Bitcoin), which means that we clearly need to see those reverse in order to see strength pouring back into the ecosystem.”
Bitcoin is trading for $77,786 at time of writing, up 1.4% in the last 24 hours.
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