Bitcoin Analyst Warns of Heavy Support Levels Amid Bearish Market Structure
Bitcoin's price is facing significant support levels according to Michaël van de Poppe, who expects a downward movement in the market. The analyst points out that multiple wicks are amplifying downside risk and that there is primary interest at $76,000 and especially $74,750 unless the price recovers above $78,700.
The BTC price prediction models now take into account Bitcoin's historical sweeps below support zones as the current price of $78,217.86 trades within a bearish structure. The 50-day Exponential Moving Average (EMA) at $78,826.79 is capping any upside movement, while the 200-day EMA at $74,093.03 provides a distant floor.
The MACD indicator is currently at -287.51, confirming a death cross momentum, and the Relative Strength Index (RSI) is at 41.67, still in a neutral state. As a result, the price action is testing the upper Bollinger resistance near $79,632.54 while the lower band support sits at $77,840.89.