Van de Poppe Updates Bitcoin (BTC) And Draws Key Levels To Follow

According to a top crypto market analyst and trader, Michaël van de Poppe, Bitcoin (BTC) is flashing signs of strength, but has to break certain key levels in order to maintain bullish momentum.

In a recent video, the analyst shared with the 165K subscribers to his YouTube channel that Bitcoin is looking promising.

“We have been taking the actual low there around $36.4k, and as a result, we bounce back up towards $38k. This means that we’re still constructing a range.”

However, despite the past 24 hours Bitcoin performance, Van de Poppe points out BTC is still facing resistance at certain levels.

“We can clearly state that the Bitcoin markets are still fighting a resistance. Anything below this level here at $38.8k is not really something that I’d be interested in.

Yes, we are getting a beautiful bounce back up, but the volume is still relatively low, indicating that we are just not seeing all the strength that we need. But, if we do break above $38.8k, I’m assuming that $41.5k is next. So this crucial breaker is still the one to watch.

We also have this one that we have been acting on as support at $38.2k, which could be hitting resistance here.”

The analyst warns that Bitcoin pulling down towards $36,000 is still in the equation, however, a drop to that level could form basis for a bullish divergence.

“One of the scenarios to bottom out is still having a re-test of the actual lows, creating a bullish divergence in that region, and then we are eager for a reversal. So, this spot ($38.2k), for me, is the crucial resistance zone. If we do break through it and flip this for support, that is going to be a long trigger in which I want to take the long to watch $41.5k for a nice 8% gain.”

At the time of writing, Bitcoin is trading at $41,400, with 10.8% upside on the daily chart, moving towards the analyst’s next key level $41,500.