Cryptoanalyst shares concerns that BTC seems a bit “exhausted” by CoinEdition

• Analysts say that Bitcoin failed to hold above $27,700 and that this is now a crucial level for the crypto.
• If BTC is rejected at this level, it is likely that the market leader could correct to $25k.
• BTC is now worth around $27,928.90 after a 3.33% price increase.

The very famous crypto trader, entrepreneur and analyst, Michael van de Poppe, took to Twitter earlier today to share his own thoughts and insights on the price of Bitcoin (BTC), and what the price of the crypto could do over the next week.

Bitcoin / Tether US 1 hour (Source: TradingView)

Van de Pope stated that although the crypto king was able to reach $28,300, he believes that BTC is “a bit worn out”. He also pointed out that BTC failed to stay above $27,700 and that this is now a crucial level if BTC wants to rise to $30k in the coming week.

The analyst concluded the post by saying that if BTC is rejected at this level, it is likely that the market leader could correct to $25k. Looking at the crypto community’s response to the post, it seems like people have mixed feelings about Van de Poppe’s prediction.

The crypto market leader is one of the crypto traders in the green today after a somewhat tough weekend. Crypto market tracking website CoinMarketCap indicates that BTC is now worth around $27,928.90 after a 3.33% price increase in the last day. The crypto king was able to reach a high of $28,440.56 over the same time period. In addition to this, BTC could also strengthen against Ethereum (ETH) by about 3.38%.

Bitcoin / Tether US 1D (Source: TradingView)

BTC’s weekly performance still looks pretty good as the crypto has increased by more than 24% in the last seven days. The market leader’s 24-hour trading volume is in the green zone at the moment, and now stands at $42,968,223,634 after an increase of more than 34% since yesterday. In terms of market cap, BTC stands at $539,434,452,319.

Disclaimer: The views and opinions, as well as all information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss.

The post Cryptoanalyst shares his concerns that BTC seems a bit “exhausted” appeared first on Coin Edition.

See the original at CoinEdition

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