Bitcoin Hovers Around $26K in What Could Become a Decisive Day
According to a renowned analyst and founder of MN Trading Michael van de Poppe, Bitcoin’s price is at a critical level. He believes the next move would significantly affect Bitcoin’s price development. He also noted the price is hovering around local lows and breaking below recognizable support.
According to Van der Poppe, Bitcoin broke below $26,100, a significant support, but is yet to fall below another support at $25,800. He noted that today’s price action could be decisive for trend-based perspectives.
Van der Poppe drew his Analysis from the two-hour BTC/USDT chart on TradingView, which showed Bitcoin trading in a horizontal channel. The upper and lower limits of the horizontal channel are $27,466.90 and $25,811.46.
One of Van der Poppe’s respondents believes the projections are limited, considering the time frame used in the Analysis. The respondent, with the Twitter identity 0xfourty.eth noted that the lows on higher time frame charts are lower than what Van der Poppe indicated. According to him, there are more longs to take out, implying Bitcoin’s price could drop further down before establishing a low.
Bitcoin’s price reached a yearly high of $31,035 over two significant rallies. The first rally, which started on the first day of 2023, ended on February 16 after reaching $25,270. The price pulled back and formed a local low at $19,569 before resuming upwards.
On April 14, Bitcoin’s price reached $31,035, the highest price this year. Ever since, the price has consolidated and dropped to its current level. As of the time of writing, Bitcoin traded at $26,151, according to data from TradingView.
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