Bitcoin is currently in a phase of slow consolidation, according to experts in the field. Michael Van De Poppe, CEO of MN Trading Ventures, predicts that the cryptocurrency will retest the $68,000 mark before continuing its upward trajectory. He emphasizes that the overall trend is clearly positive, indicating a bullish sentiment in the market.
However, not all analysts share the same optimistic view. Ali Martinez, a well-known crypto analyst, urges caution due to signals from the TD Sequential indicator. Martinez points out that historically, this indicator has led to significant market movements. Currently, it is showing a sell signal, suggesting a potential increase in volatility or a pullback in Bitcoin’s price.
Martinez also provides insight into critical price levels for Bitcoin. He highlights the MVRV Pricing Bands, which indicate strong support if the cryptocurrency continues trading above $65,125. If the current levels hold, the next local top could reach approximately $77,593.
Furthermore, there is a key supply zone between $70,180 and $70,600. More than 450,000 addresses hold around 273,000 BTC within this range, providing a solid base of support and potentially favoring bullish outcomes.
With conflicting signals from leading indicators and analysts, traders are advised to closely monitor these important levels. While the overall trend suggests an upward movement, the recent sell signal and significant supply zone should be taken into consideration when planning trading strategies.