Bitcoin may avoid new cycle lows, analysis believes as BTC price holds key support.
shrugged off
the latest United States macroeconomic data reports the day prior, joining traditional markets in heading higher despite hints that inflation was more stubborn than expected. Amid a renewed bullish mood, Michaël van de Poppe, founder and CEO of trading firm Eight, was hopeful that BTC/USD would avoid new lows.
“Bitcoin might be able to activate a potential bullish breakout, although we need to make sure that it doesn't retest the lows again,” he wrote in part of aapplied for a crypto custody licence“We've seen a sweep at $25,000 and should be holding up on higher numbers. In that case, we should be holding $25,600-25,900 as beneath there we'll see a ton of stops to be activated before we can actually see some movements,” he suggested.
“I think that the odds of the low to be in on this cycle have increased. Why? Well, we're again holding above the 200-Week EMA and most likely will be closing above that again for this one,” Van de Poppe continued.BTC/USD annotated chart. Source: Michaël van de Poppe/XWyckoff reveals classic BTC price reboundthat further BTC price upside should come next.
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