After enjoying a rollercoaster ride that saw it reach a high of $41,500, Bitcoin (BTC) has tumbled by 13.58% in the last 24 hours to trade at $35,368 at press time, according to CoinMarketCap. This downtrend has seen the crypto market lose around $170 billion after its market capitalization breached the $1 trillion mark.
Technical analyst and trader Michael van de Poppe views this as a temporary low in any normal market. He stated:
“The second reference point was the area around $33,000-33,500 for Bitcoin, which was hit. Most likely a temporary low in which the market chops for a bit. Resistance to break is the zone between $37,500-38,200.”
The analyst believes that resistance has been formed around the $37,500-38,200 level, which has to be shattered for the leading cryptocurrency to rally higher. His sentiments are echoed by Alex Saunders, the CEO of NuggetNews, who trusts that the current low will trigger a large bounce upwards because BTC’s price is hovering below…