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- Two resistance levels in Bitcoin
could cause a price pullback. - Daily technical indicators contain positive signs.
What are the 2 levels to watch in Bitcoin that could hinder its rise? What do technical indicators say?
Bitcoin (BTC) continues its impressive performance. After breaking the $30,000 main resistance level for the first time since June 2022, the cryptocurrency continued to climb and surprisingly recorded an 80% gain by the beginning of the year, briefly surpassing $31,000.
This happened despite significant uncertainties in the banking industry and general financial markets. Bitcoin’s ability to maintain upward momentum in such challenging conditions has proven that digital currency is a valid investment option for many people, and the market has responded accordingly.
Bitcoin Comment from Expert Analyst
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Famous crypto analyst Michael van de Poppe stated in a tweet on April 14 that investors should be prepared for shallow corrections along the way. Although Bitcoin is showing great strength, there is always the possibility of pullbacks, and it is important to be prepared for them.
According to van de Poppe, one of the main resistance levels to watch is the range of $31,700 – $32,000. This level has been a tough resistance point for Bitcoin in the past and could be a serious obstacle to Bitcoin’s upward momentum. As investors closely monitor the market, we may encounter downward pressure at this level.
Bitcoin’s Next Resistance Level
At the same time, van de Poppe observed that $25,000 was previously considered an ideal buying level, but it is expected to shift to $28,500 in the near future. When this happens, it could be an important opportunity for investors who want to enter the market at a discounted price point.
Additionally, van de Poppe also emphasized 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 about Bitcoin’s upward potential.
Technical Indicators in Bitcoin
According to TradingView’s 1-day technical analysis of Bitcoin, there are bullish signs; oscillators give ‘sell’ signals
Bitcoin’s technical analysis based on TradingView’s 1-day charts is positive; the summary is in line with a 14 ‘buy’ sentiment due to oscillators giving ‘sell’ signals at 4 and moving averages (MA) giving a ‘strong buy’ signal at 14.
Bitcoin’s daily technical indicators
Currently, Bitcoin is trading at $30,787, up more than 1.4% during the day, according to data obtained by CoinOtag on April 14, and has recorded a total gain of 10% over the past week, bringing its market value to $594 billion.
