Boost

Bitcoin

Resistance

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/analyst-identifies-key-resistance-level-for-bitcoin/" data-wpel-link="internal">Analyst Identifies Key Resistance Level for Bitcoin</a><br></p>
<p style="text-align: justify">Leading cryptocurrency <strong>Bitcoin</strong> (BTC) faces a critical challenge on its path to further growth. Analyst Michael van de Poppe is aware of this challenge and provided a brief but effective assessment on X today. According to the analyst, there is a significant resistance level that needs to be broken for a major upward trend to begin. Let’s take a look at the analyst’s comments.</p> 
<h2 style="text-align: justify" id="michael-van-de-poppe-points-to-this-resistance-for-bitcoin">Michael van de Poppe Points to This Resistance for Bitcoin</h2> 
<p style="text-align: justify">Resistance, as we all know, refers to a price point where strong selling pressure prevents the price from rising further. In simpler terms, imagine a $70,000 wall on the price chart. Many <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> are likely waiting to sell their Bitcoin holdings at this price, creating a barrier for the price to rise above it.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-359077 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/06/poppe-1.png" alt="" width="560" height="502"></p> 
<p style="text-align: justify">This is the critical level that analyst van de Poppe points to. As you may recall, Bitcoin attempted to break this $70,000 resistance level yesterday but failed. This failed test clearly showed us that there could be a significant number of sellers waiting at this price point. However, overcoming this barrier is not impossible.</p> 
<p style="text-align: justify">If Bitcoin can decisively break through this barrier and stay above $70,000, this could be interpreted as a significant bullish signal.</p> 
<h2 style="text-align: justify" id="btc-breaking-critical-resistance-will-boost-altcoins">BTC Breaking Critical Resistance Will Boost Altcoins</h2> 
<p style="text-align: justify">As known in the <a href="https://en.coin-turk.com/what-is-a-trading-pair-trading-pairs-on-exchanges-and-cryptos/" data-wpel-link="internal">cryptocurrency market</a>, a bullish signal indicates the expectation that prices will rise. Bitcoin surpassing $70,000 could signal to investors that the overall sentiment is positive, potentially leading to more buying and further price increases. This positive momentum, as analyst van de Poppe pointed out, can often spread to other cryptocurrencies known as altcoins.</p> 
<p style="text-align: justify">Altcoins, which are cryptocurrencies other than Bitcoin, typically experience price movements influenced by Bitcoin’s trends. Therefore, if Bitcoin, the flagship of cryptocurrencies, surpasses $70,000 and enters a bullish phase, it could trigger a similar increase in the value of many altcoins. This situation will inevitably allow for an altcoin season and ensure that investors leave happy with their moves. BTC was at $68,776 while writing this article.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/analyst-identifies-key-resistance-level-for-bitcoin/" data-wpel-link="internal">Analyst Identifies Key Resistance Level for Bitcoin</a></h5>

Analyst Identifies Key Resistance Level for Bitcoin

Table of Contents

COINTURK NEWS

Other articles published on Jun 4, 2024

Epoch Times CFO charged with $67m crypto money laundering scheme

Crypto Pump! 6 Altcoins To Buy On The Cusp Of Boosting Into Top 20

Green Games LTD: Revolutionizing the Elite Online Casino Landscape with Betted.Games and 321Betz.com

ChatGPT-4o predicts XRP price after Ripple vs. SEC case verdict

My Neighbor Alice (ALICE) Price Rallies to 20-Months High, But Insiders Are Busy Dumping

Shiba Inu Burn Rate Skyrockets 16600%, What’s Next For SHIB Price?

Join our free newsletter for daily crypto updates!