Bitcoin's (BTC) recent performance has been nothing short of impressive after breaking above the key resistance levels.
According to van de Poppe, one of the key resistance points to watch out for is $31,700 – $32,000. This level has proved 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’s next resistance level. Source: Michael van de Poppe
Bitcoin entry points to look out for
At the same time, van de Poppe observed that $25,000 was previously seen as the ideal buy level. However, this level is expected to shift to $28,500 in the near future. When this happens, investors who are looking to enter the market at a discount should keep an eye out for 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 for Bitcoin’s upward potential.
Bitcoin technical analysis 1-day gauges. Source: TradingView
Currently, Bitcoin is trading at $30,733, up over 1% on the day and a further 10% across the previous week, with a total market capitalization of $594 billion, as per the data retrieved by Finbold on April 14.
Bitcoin 1-day price chart. Source: Finbold
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