In this line, cryptocurrency trading expert Michaël van de Poppe shared his insights into Bitcoin’s correction after the asset briefly topped $25,000. In a tweet posted on August 15, Poppe stated that there is nothing alarming about the correction since it is normal for the asset. Additionally, Poppe noted that despite the recent short-term bullish momentum, the market is still affected by the bearish mindset pushing the asset to experience short-term selling pressure. Poppe expects the correction to extend while advising investors to watch the $23,800 and $23,000 levels for long positions.
Bitcoin faces rejection
After breaking above $20,000, Bitcoin has struggled to push and hold above the $24,000 level facing numerous rejections. Notably, after rebounding from the $20,000 support level in July, Bitcoin has generally traded sideways but has indicated a bullish momentum. It is worth noting that several market analysts opined that Bitcoin might have bottomed and is ready for a resurgence in the year’s second half. However, some analysts have remained divided about the prospects of the current recovery. Some believe that Bitcoin’s rally could rise further, while others are not so bullish and expect the price to resume a downtrend.
Has Bitcoin bottomed?
This comes as data suggests that Bitcoin bottom is likely in. In a tweet posted on August 15, a crypto analyst by the Twitter username TheRealPlanC noted that Bitcoin’s key capitulation event that will form the asset’s bottom has likely occurred at 8.6. By interpreting the Bitcoin Adjusted Spent Output Profit Ratio (SOPR) chart, another crypto expert by the username CredibleCrypto highlighted the previous impact of Bitcoin’s forced selling. The SOPR indicator is an on-chain indicator that highlights the sentiment of HODLers, considering the purchased price of Bitcoin, and compares it to the current BTC price. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
