A widely followed crypto analyst is posting Bitcoin (BTC), Ethereum (ETH) and Bitcoin (BTC) after a busy week. crypto- analyzes the rest of the markets.
Crypto markets have been turbulent this week, mostly in response to two lawsuits filed by the US Securities and Exchange Commission (SEC) against Coinbase and Binance.
In its lawsuit against Binance, the SEC alleges that Binance violated securities laws by selling unregistered securities to US customers. In its similar lawsuit against Coinbase, the SEC alleges that Coinbase violated securities laws by failing to register certain digital assets as securities. The news regarding the Coinbase lawsuit came a day after the news regarding the Binance lawsuit. Both cases rocked the crypto markets this week.
In response to the surge, widely followed crypto analyst Michaël van de Poppe told 657,400 Twitter followers that BTC should stay above $26,100 to avoid further declines. told.
“Bitcoin is still in the low range, but the price action is simply atrocious.
It needs to stay above $26,100 to avoid a decline.”
NEWS CONTINUES BELOW
BTC is worth $26,613 at the time of this writing.
Looking at the leading smart contract platform Ethereum, Van de Poppe says ETH needs to break and protect the $1,850 price level.
“There is a good bounce in Ethereum, but we will definitely have to see it break $1,850.”
ETH is worth $1,855 at the time of this writing.
Finally, looking at the crypto markets as a whole, the trader breaks down the total crypto market cap (TOTAL), which is a measure of the total value of the crypto space. Van de Poppe seems to suggest that TOTAL should stay above the 200-week moving average (MA) to prepare for a rally.
“This week is a very important week for Crypto’s market cap.
Staying above the 200-Week MA is a must and next week comes the CPI (consumer price index) and FED.
Will the rally start?”
