Important evaluations for Bitcoin came from the famous analyst Michaël van de Poppe today. According to the analyst, BTC is in a breakout phase. Moreover, this break indicates an increase. There are key levels to watch at this point. Let’s look at the details.
Bitcoin BTC’s impending breakout: Critical levels in focus
According to the analyst, Bitcoin is currently showing signs of a potential bullish breakout. However, there are very important levels to be overcome to confirm this upward momentum. Before watching these levels, the analyst emphasizes that Deutsche Bank has entered the Bitcoin world. Recently Bitcoin experienced a significant price increase at $25,000. Accordingly, it is very important for the cryptocurrency to maintain higher levels to support the potential breakout.
Bitcoin in particular should aim to maintain the range between $25,600 and $25,900. Falling below this range triggers a cascade of stop-loss orders. Thus, it will prevent the chances of continuing the upward movement for BTC.
Bitcoin seems likely for a breakout upwards, but some crucial levels need to break! #Bitcoin might be able to activate a potential bullish breakout, although we need to make sure that it doesn't retest the lows again.
On the day that Deutsche Bank is also getting in Bitcoin.… pic.twitter.com/AsIbkzzeLM
— Michaël van de Poppe (@CryptoMichNL) September 14, 2023
Positive indicator supporting the bullish scenario
A positive indicator that supports the bullish scenario is that Bitcoin is currently trading above the 200-Week Exponential Moving Average (EMA). This strengthens the possibility of a trend reversal in this cycle. According to the analyst, contrary to the concept of “Rektember”, September seems to pave the way for the continuation of positive price movements not only for Bitcoin but also for altcoins in the cryptocurrency market. At this point, there are important transaction levels to follow.
Traders must keep a close eye on certain key levels to find their way in this evolving landscape. At this point, there are clear chances of a break above $26,800 for Bitcoin. Accordingly, this scenario will present an opportunity for the continuation of the upward trend. This will also make it an attractive long-game entry point. On the other hand, there are chances of a low between $25,600 and $25,900. Accordingly, a retest in this range will provide a significant long entry opportunity. It is also very important to monitor this level as its stability or violation will significantly affect Bitcoin’s price trajectory.
Sensitivity continues
When we look at it as Kriptokoin.com, Bitcoin promises a bullish boom as the cryptocurrency market experiences a positive sentiment. Investors should be vigilant. One should watch key levels, especially the $26,800 threshold and the $25,600-$25,900 range, to make informed trading decisions. The crypto space continues to evolve. On the other hand, careful analysis and strategic entries will help investors capitalize on potential opportunities in this dynamic market.
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