Bitcoin (BTC) failed to exceed $40,000 again and returned below $39,000. Most altcoins are also traded on the red board. Among those experiencing the decline are the popular meme coins Dogecoin (DOGE) and Shiba Inu (SHIB). So, will the decline continue? What levels are next? Here are the details…
Bitcoin below $39,000: What’s next?
Popular cryptocurrency analyst Michaël van de Poppe said he has bet on Bitcoin (BTC) that it will make a big move to the upside in the near term. The crypto strategist says that BTC must surpass $40,300 to fuel any significant volatility. “Bitcoin is entering a narrow playing field and is ready for a big impulse move,” the analyst said, mentioning that if the US Dollar Index shows weakness, he bets upwards.
draws attention to $40,600 as well as $40,300 as the critical level to break. In a new video, Van de Poppe summarizes why it is now in an uptrend as follows:
When we look at Bitcoin’s price action, we can see that there is a clear level we need to hold, which is the $39k level… What we see here is the lows. We swept and recovered $39,000. A nice retest at this point confirms support and from there we are rapidly moving up to $40.3K which is a very important breaking point. Now we’re just consolidating. That means we have to come out, or at least the actual level of the playing field is really narrowing… On the upside, the critical level is $40.3k, on the downside it’s $38.5k and $38,000.
DOGE and SHIB also fell
With the effect of Bitcoin, the largest cryptocurrencies with their market value also decreased. As we reported on Kriptokoin.com, the most popular meme coins DOGE and SHIB fell by 2.5 percent and 2.8 percent, respectively. At the time of writing, attention is drawn to the critical levels for DOGE, which changed hands from $0.13, to $0.17 on the upside and $0.109 on the downside.
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