Bitcoin price has recovered above a key short-term level, but Michaël van de Poppe says the market still needs follow-through.
Bitcoin price has climbed back near $77,000 after briefly losing a support area that traders had been watching as a key line for short-term momentum.
Crypto analyst Michaël van de Poppe wrote in an X post that Bitcoin is “getting weaker” and could break back into the $60,000 range after failing to hold above the $75,000 to $76,000 zone.
As of press time, CoinGecko data shows Bitcoin is trading near $77,000, putting it back into the level Van de Poppe had identified as a key area for renewed upside momentum.
That recovery makes the bearish setup slightly softer. However, it doesn’t nullify the caution issued by Van de Poppe since there’s still the issue that Bitcoin must remain above $76,600 for better follow through.
Read also: What Is Crypto Market Sentiment? Beginner to Advanced Investor Guide
Bitcoin Warning Still Hangs Over the Market
As Van de Poppe explained, he had wanted Bitcoin to stay above $75,000 to $76,000, but a Friday correction to around $74,500 changed his short-term view. A move back above $76,600, he said, would be a better signal for stronger upside momentum.
While the market has now made that first move, the next question is whether Bitcoin can hold it.
Van de Poppe noted another aspect which might prove helpful for bulls. He noted that Friday and weekend corrections don’t always become protracted selloffs. In addition, Bitcoin has multiple CME gaps above the present levels, the largest of which is at $79,100.
CME’s Bitcoin futures, which are essentially bets on Bitcoin prices via futures contracts in an exchange-regulated environment instead of purchasing spot Bitcoin, are closely observed because they settle over the weekend while spot Bitcoin continues to trade, leading to price gaps.
But CME gaps aren’t guarantees since they’re trading references, not automatic price targets.
Read more: US Congress Proposes Strategic Bitcoin Reserve of Up to 1 Million BTC
