Skip to content

Bitcoin must hold above this key level to ‘avoid a cascade’

As Bitcoin (BTC) resumes the downward path it was on for the past several weeks, the flagship decentralized finance (DeFi) asset is threatening to decline even further, with prominent cryptocurrency market expert Michaël van de Poppe noting a key price level it needs to retain to avoid this scenario.

Specifically, van de Poppe has observed that Bitcoin was “still holding onto the range low, but the price action is simply disgusting,” adding that the maiden cryptocurrency needed to stay above $26,100 to avoid a cascade,” as he explained in a tweet shared on June 7.

Bitcoin price action analysis. Source: Michaël van de Poppe

On the other hand, not all crypto experts see bearishness in Bitcoin’s chart patterns. As it happens, pseudonymous analyst Trader Tardigrade has recently noted that a Bitcoin bull run usually followed a USD index (DXY) peak but that “there has been a missing part in BTC since the peak of DXY was formed in Oct 2022,” suggesting that a late rally could be in store.

Bitcoin versus USD index. Source: Trader Tardigrade

Bitcoin price analysis

For now, Bitcoin is still successfully clinging above the critical level that van de Poppe observed, at press time trading at $26,473, recording a 0.45% decline on the day, 1.51% across the past week, and 4.01% on its monthly chart, as per the latest data retrieved on June 8.

Bitcoin 24-hour price chart. Source: Finbold

Notably, these declines arrive just as it looked that the crypto sector was demonstrating particular resilience in the face of the consecutive lawsuits against two major crypto exchangesBinance and Coinbase – recently filed by the United States Securities and Exchange Commission (SEC).

That said, when Bitcoin earlier fell below the $26,000 threshold, another crypto trader, Crypto Tony, pointed out that Bitcoin could be heading towards its “final leg down towards $24,500 (…) before we accumulate for a pump to come July / August,” as Finbold reported on June 6.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in 70+ cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available. Don’t invest unless you’re prepared to lose all the money you invest.

Read Next:

Weekly Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Disclaimer: The information on this website is for general informational and educational purposes only and does not constitute financial, legal, tax, or investment advice. This site does not make any financial promotions, and all content is strictly informational. By using this site, you agree to our full disclaimer and terms of use. For more information, please read our complete Global Disclaimer.