Crypto trading expert finds next big hurdle
Bitcoin’s (BTC) recent performance has been nothing short of impressive. After breaking above the key resistance level of $30,000 for the first time since June 2022, the digital currency has continued to climb, recording a staggering 80% year-to-date gain and briefly breaking above $31,000.
This has happened despite considerable uncertainty in the banking industry and the wider financial markets. The fact that Bitcoin has managed to maintain its upward momentum under such challenging conditions is a testament to its resilience despite lingering doubts from some critics, the digital currency has proven to be a viable investment option for many and the market has responded accordingly.
Crypto trading analyst Michael van de Poppe noted in an April 14 tweet, investors should prepare for some shallow corrections along the way. The digital currency has shown great strength, but there is always the possibility of a setback, and it is important to be prepared.
According to van de Poppe, one of the key resistance points to look out for is $31,700 – $32,000. This level has proven to be a tough nut to crack for Bitcoin in the past, and it could be a significant obstacle to the digital currency’s upward momentum. With investors closely watching the market, the price may face some downward pressure at this level.
Bitcoin entry points to look for
At the same time, van de Poppe observed that $25,000 was previously seen as the ideal purchase level. However, this level is expected to shift to $28,500 in the near future. When this happens, investors looking to enter the market at a discount should keep an eye on this level as a good entry point.
Moreover, van de Poppe also highlighted the importance of $29,700. This level is just below the critical resistance point of $31,700 – $32,000 and could provide an important clue to Bitcoin’s upside potential.
Bitcoin’s Technical Analysis (TA) on TradingView’s 1-day gauges is bullish; the summary is consistent with “buy” sentiment at 14, as oscillators point to “sell” at 4 and moving averages (MA) indicating a “strong buy” at 14.
Bitcoin is currently trading at $30,733, up over 1% on the day and another 10% from last week, with a total market capitalization of $594 billion, according to data obtained by Finbold on April 14.
Notably, with a historical accuracy of 83%, the crypto community said that by the end of April, the price of Bitcoin would trade at an average price of $23,561, while the machine learning algorithms predicted a price of $30,697 for the same date.
Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.
