A widely followed crypto analyst is identifying the key resistance level Bitcoin (BTC) needs to reclaim to make its next big move to the upside.
In a new thread, crypto analyst Michaël van de Poppe tells his 792,600 followers on the social media platform X that if the crypto king can reclaim the $106,000 level, it would signal its next big leg up.
“Update on Bitcoin: It has taken the liquidity and bounced back upwards. What’s next? Ideally, I’d like to see $106,000 break back up and hold. That would be the big signal for the next bull market leg.”
Van de Poppe goes on to say that he expects the top crypto asset by market cap to test the $106,000 level “in the coming days” while noting that the Fed’s latest meeting was a whiff.
“FOMC (Federal Open Market Committee) show is over, which was a nothing burger, means that we’re back into the normal trading game for Bitcoin. I suppose we’ll see a test of $106,000 and breakout north in the coming days. Altcoins are, again, outperforming.”
Concluding his analysis with Ethereum (ETH), Van de Poppe says it appears the market is ready to rotate into the second-largest digital asset by market cap and other altcoins, as ETH didn’t see much movement when BTC was consolidating last.
“A pretty strong signal that ETH consolidates on these levels and didn’t move while Bitcoin was consolidating. That’s a strong signal that the market sentiment and momentum is rotating towards Ethereum and Altcoins.”
Bitcoin is trading for $104,236 at time of writing, a fractional decrease during the last 24 hours. Ethereum is valued at $2,497, also a marginal increase on the day.
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