Key Resistance Level for Bitcoin (BTC) Identified by Crypto Analyst
A prominent cryptocurrency analyst has pinpointed a vital resistance level that Bitcoin (BTC) must reclaim in order to initiate its next significant upward movement.
In a recent update, renowned crypto analyst Michaël van de Poppe informed his 792,600 followers on X, formerly Twitter, that breaking and holding above $106,000 could signal a substantial bullish trend for Bitcoin.
“Update on Bitcoin: It has taken the liquidity and bounced back upwards. What’s next? Ideally, I’d like to see $106,000 break back up and hold. That would be the big signal for the next bull market leg.”
Van de Poppe further stated that he anticipates BTC to test the $106,000 mark “in the coming days,” adding that the recent Federal Open Market Committee (FOMC) meeting did not have any significant impact on market direction.
“FOMC show is over, which was a nothing burger, means that we’re back into the normal trading game for Bitcoin. I suppose we’ll see a test of $106,000 and breakout north in the coming days. Altcoins are, again, outperforming.”
In a broader market perspective, Van de Poppe commented on Ethereum (ETH) and its potential performance, noting that the lack of movement in ETH during Bitcoin’s consolidation phase indicates a shift in market sentiment.
“A pretty strong signal that ETH consolidates on these levels and didn’t move while Bitcoin was consolidating. That’s a strong signal that the market sentiment and momentum is rotating towards Ethereum and Altcoins.”
As of now, Bitcoin is trading at approximately $104,236, reflecting a slight decrease over the past 24 hours, while Ethereum’s current value is about $2,497, indicating a marginal increase on the day.
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Featured Image: Shutterstock/tomertu
