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The renowned trader and analyst Michael van de Poppe shared in a tweet yesterday that Bitcoin (BTC) is trading in a “crucial area” that it needs to break. In the post, he predicted that if the leading crypto is able to break above $30,308 then it may climb to higher highs. On the other hand, rejection from this price point could see BTC’s price drop drastically.
The crucial area for #Bitcoin to break.
— Michaël van de Poppe (@CryptoMichNL) July 23, 2023
If we do, it's party time and we'll go to highs.
If this is again a fake-out, embrace yourself.
The volatility will be getting there next week. pic.twitter.com/aDIu7BeGEU
BTC’s price had attempted to break above $30,308 yesterday but was unable to close the day’s trading session above this significant resistance level. This forced the cryptocurrency’s price to drop below $30K in the past 24 hours, where it continued to trade at press time. Furthermore, the cryptocurrency’s price had also lost the support of the 20-day EMA line.
If BTC breaks below the 50-day EMA line at $29,389.91 in the next 48 hours, then this will be confirmation that it was rejected by the $30,308 resistance level highlighted in van de Poppe’s tweet. This bearish momentum may force BTC’s price below the $29,075 support to potentially test the next major level at $28K.
On the other hand, BTC maintaining a position above $30,308 for the next few days may lay the foundation for it to challenge the resistance at $31,800 in the following week. Continued buy pressure could result in the market leader’s price flipping the resistance at $34K into support before a potential test at $36,360 in the upcoming couple of weeks.
BTC’s price stood at $29,786.84 at press time according to CoinMarketCap. This was after it printed a 24-hour loss of 0.43%. This negative daily performance also pushed the leading cryptocurrency’s weekly performance further into the red to -1.60%.
BTC had established a daily high at $30,330.64 but had since retraced to trade at its current level. Meanwhile, its 24-hour low sat at around $29,674.53. This meant that BTC was trading closer to its daily low than its daily high at press time.
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