A Crypto Analyst Highlights Key Resistance Level for Bitcoin’s Next Move
A prominent crypto analyst recently shared insights on the crucial resistance level that Bitcoin (BTC) needs to surpass in order to initiate its next significant upward movement.
In a series of tweets, Michaël van de Poppe, a well-known figure in the crypto space, informed his large following on X about the importance of reclaiming the $106,000 level for Bitcoin to signal a bullish trend.
“Update on Bitcoin: After bouncing back from recent lows, the key level to watch is $106,000. A successful break above and hold at this level could indicate the start of the next major uptrend.”
Van de Poppe further mentioned his expectation of Bitcoin testing the $106,000 level in the near future, following the uneventful outcome of the recent FOMC meeting.
“With the FOMC meeting behind us, Bitcoin is back to regular trading. I anticipate a potential test of $106,000 and a breakout in the coming days. Altcoins are once again showing strength in the market.”
Turning his focus to Ethereum (ETH), Van de Poppe suggested that market sentiment is shifting towards ETH and other altcoins, as Ethereum remained stable while Bitcoin consolidated.
As of the latest data, Bitcoin is trading at $104,236 with a slight decrease, while Ethereum is priced at $2,497 with a minor increase in the past 24 hours.
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Featured Image: Shutterstock/tomertu