Dutch crypto trader Michael van de Poppe, also known as @CryptoMichNL, has shared his latest analysis for Bitcoin (BTC) in a recent tweet. According to van de Poppe, BTC is expected to experience a “bounce play” soon, as it was recently rejected by a key resistance level while funding rates for the crypto have become negative. He added that he is anticipating the creation of bullish divergences between $26,500 and $27,000 before a recovery to $29,200. The trader also noted that traders will continue to dispose of their BTC holdings before the recovery.
At present, BTC’s price has dropped 1.21% over the last 24 hours, according to CoinMarketCap. The market leader’s price has also decreased by just over 8% over the last seven days, and is currently trading at around $27,291. BTC’s daily trading volume has increased by 13.14%, with most of it being sell volume, as the crypto’s price has retraced from its daily high of $27,978.98 to its current level. However, BTC was still able to outperform its biggest competitor, Ethereum (ETH).
BTC’s daily chart shows a notable bearish technical flag that was triggered recently, with the 9-day EMA crossing below the 20-day EMA in the last 48 hours. This bearish flag suggests that BTC’s price has entered into a short-term bearish cycle and will continue to drop in the next 24-48 hours. If this bearish flag is validated, BTC’s price may look to drop to the next key support level at around $25,075 in the coming days. The daily RSI indicator also supports this bearish thesis, as the RSI line is currently sloped negatively toward the oversold territory and is trading below the daily RSI SMA line.
It is important to note that the views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence, and any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.