Bitcoin

As Bitcoin (<a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) resumes the downward path it was on for the past several weeks, the flagship decentralized finance (<a href="https://finbold.com/guide/liquidity-mining-definition/" rel="noopener noreferrer nofollow">DeFi</a>) asset is threatening to decline even further, with prominent <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">cryptocurrency market</a> expert Michaël van de Poppe noting a key price level it needs to retain to avoid this scenario.Specifically, van de Poppe has observed that <a href="https://finbold.com/topic/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> was “still holding onto the range low, but the price action is simply disgusting,” adding that the maiden <a href="https://finbold.com/cryptocurrencies/" rel="noopener noreferrer nofollow">cryptocurrency</a> needed to stay above $26,100 to avoid a cascade,” as he explained in a <a href="https://twitter.com/CryptoMichNL/status/1666502782763802633" rel="noopener noreferrer nofollow">tweet</a> shared on June 7.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/e10b4c1720e541c182b70558f8683c98.png" />Bitcoin price action analysis. Source: <a href="https://twitter.com/CryptoMichNL/status/1666502782763802633" rel="noopener noreferrer nofollow">Michaël van de Poppe</a>On the other hand, not all <a href="https://finbold.com/guides/cryptocurrency/" rel="noopener noreferrer nofollow">crypto</a> experts see <a href="https://finbold.com/guide/bear-market-definition/" rel="noopener noreferrer nofollow">bearishness</a> in Bitcoin’s <a href="https://finbold.com/guide/chart-patterns/" rel="noopener noreferrer nofollow">chart patterns</a>. As it happens, pseudonymous analyst Trader Tardigrade has recently <a href="https://twitter.com/TATrader_Alan/status/1666716724119617538" rel="noopener noreferrer nofollow">noted</a> that a Bitcoin <a href="https://finbold.com/guide/bull-market-definition/" rel="noopener noreferrer nofollow">bull</a> run usually followed a USD index (DXY) peak but that “there has been a missing part in BTC since the peak of DXY was formed in Oct 2022,” suggesting that a late rally could be in store.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/010d6e65103a49cab03ccad89762ca2a.png" />Bitcoin versus USD index. Source: <a href="https://twitter.com/TATrader_Alan/status/1666716724119617538" rel="noopener noreferrer nofollow">Trader Tardigrade</a><h2 id="header-0">Bitcoin price analysis</h2>For now, Bitcoin is still successfully clinging above the critical level that van de Poppe observed, at press time trading at $26,473, recording a 0.45% decline on the day, 1.51% across the past week, and 4.01% on its monthly chart, as per the latest data retrieved on June 8.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/cd959ff5860244d5bf13c8ec77db99d8.png" />Bitcoin 24-hour price chart. Source: <a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">Finbold</a>Notably, these declines arrive just as it looked that the crypto sector was <a href="https://finbold.com/crypto-market-cap-recovers-30-billion-despite-sec-drama/" rel="noopener noreferrer nofollow">demonstrating</a> particular resilience in the face of the consecutive <a href="https://finbold.com/coinbase-sued-by-sec-in-new-york-federal-court/" rel="noopener noreferrer nofollow">lawsuits</a> against two major <a href="https://finbold.com/guide/best-cryptocurrency-trading-platforms/" rel="noopener noreferrer nofollow">crypto exchanges</a> – <a href="https://finbold.com/review/binance-review/" rel="noopener noreferrer nofollow">Binance</a> and <a href="https://finbold.com/review/coinbase-review/" rel="noopener noreferrer nofollow">Coinbase</a> – recently filed by the United States Securities and Exchange Commission (<a href="https://finbold.com/topic/sec/" rel="noopener noreferrer nofollow">SEC</a>).That said, when Bitcoin earlier fell below the $26,000 threshold, another <a href="https://finbold.com/guide/cryptocurrency-trading/" rel="noopener noreferrer nofollow">crypto trader</a>, Crypto Tony, <a href="https://finbold.com/bitcoin-looking-at-final-leg-down-ahead-of-late-summer-pump/" rel="noopener noreferrer nofollow">pointed out</a> that Bitcoin could be heading towards its “final leg down towards $24,500 (…) before we accumulate for a pump to come July / August,” as Finbold reported on June 6.Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com</a>.

Bitcoin must hold above this key level to ‘avoid a cascade’

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