Crypto analyst Michaël van de Poppe has evaluated the next possible steps of the leading digital asset after the Bitcoin (BTC) drop that took place on Thursday.
In a recent strategy session, Van de Poppe told his 165,000 YouTube subscribers that Bitcoin “hit several support levels” on Thursday after stock indices posted sharp declines.
Van de Poppe also pointed out that the corrective action on May 5 caused a significant trading volume. As the analyst noted, this was the highest volume increase recorded on the two-hour chart since December, when Bitcoin fell from $56,000 to $42,000.
Bitcoin is trading at $36,117.66 at the time of writing. The top-ranked crypto-asset by market cap has dropped more than 6.5% in the last week and nearly 17% in the last 30 days.
Van de Poppe said that for Bitcoin to show any signs of life, it must regain $37,500. He also added that a recovery from the $37,500 level could inspire a rally to $40,500.
On the other hand, the successful trader summarized a potential bearish scenario with these words:
“The three levels I am watching are the region around $36,300, $34,800, and $32,000, and if it gets here, we will likely move towards the $30,000 daily block.”
Bitcoin is currently down about 47.7% from its all-time high reached in early November 2021.
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.