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Bitcoin must hold this support to avoid crashing below $26k

Bitcoin must hold this support to avoid crashing below $26k

As the price of Bitcoin (BTC) continues to move in a choppy trend, cryptocurrency analyst Michaël van de Poppe has revealed the flagship decentralized finance (DeFi) asset’s potential movements based on holding or failure to hold a specific price zone.

Indeed, the crypto trading expert observed that Bitcoin’s must-hold zone is currently between $26,800 and $27,000 and that failure to remain here would mean that Bitcoin would “probably cascade towards <$26,000 for a potential bullish divergence,” as he explained in a tweet posted on May 16.

Bitcoin price action analysis. Source: Michaël van de Poppe

On the other hand, if Bitcoin manages to hold this level, Van de Poppe is certain that this “would be good” and would need to follow with a flip of $27,500 to trend further upwards.

Bitcoin price analysis

As things stand, Bitcoin is currently changing hands at the price of $27,105, which represents a decline of 1.14% on the day, as well as 1.86% across the previous week, as it adds up to the accumulated losses of 10.60% in the last month, as per most recent data retrieved by Finbold on May 16.

Bitcoin 7-day price chart. Source: Finbold

Earlier, crypto analysts Ali Martinez and Stockmoney Lizards both had suggested that, despite opening the week with recovery, the maiden digital asset still had to reclaim the descending line at $28,500 as an important resistance level before it could continue further up.

On top of that, Martinez noted the most important support level at $26,490, and that failing to hold above this price could spark “a steeper correction to $24,100 or $23,190,” as Finbold reported on May 15. As the latest data demonstrates, Bitcoin is successfully holding above this crucial support level.

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