To exit the “sideways” movement of the first cryptocurrency, it is necessary to overcome two important resistance levels, says Michael van de Poppe
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Trader Michael van de Poppe considersthat in order to exit the correction phase, Bitcoin needs to overcome an important resistance zone around $ 49.4 thousand. The next important resistance level is at $ 51.8 thousand, the analyst said. The cryptocurrency cannot overcome this level for more than a month.
According to van de Poppe, the bitcoin price will not fall below $ 45 thousand, since this level is the “bottom” of the current correction.
On January 5, Bitcoin is trading at $ 46.7 thousand. Over the week, the cryptocurrency has fallen in price by almost 2%, and its capitalization has decreased to $ 885 billion, according to CoinGecko. On December 4, the price of an asset per day decreased by more than 20%, to $ 42 thousand. On November 10, Bitcoin updated its historical maximum above $ 69 thousand.
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