Cryptocurrency analyst Michaël van de Poppe has released a market assessment after Bitcoin surged above the $108,000 level today. Van de Poppe noted Bitcoin’s recent bullish move and warned investors about critical levels.
“I prepared this chart for Bitcoin. It is a focused expression of the recent rise and the critical levels to watch out for,” said van de Poppe in his analysis, noting that with the break of the $ 106,500 level, the price quickly reached $ 108,000 and a retest occurred with rapid purchases from this level.
Chart showing the rise in BTC price today.
According to Poppe, there is currently momentum in the market and it is important for it to continue. The analyst stated that it is especially critical to protect the $ 106,000 level, and that if this level is dropped, losing $ 105,500 could cause liquidation from long positions and a new wave of decline.
However, the analyst believes that the rally will continue if the markets remain stable. In this scenario, he predicts that Bitcoin will gain new momentum towards its all-time high (ATH) once the $108,900 level is breached.
*This is not investment advice.
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