Bitcoin Consolidates Near $79K as Analyst Sees Buying Opportunity Below $74K
Bitcoin has been trading near $79,033 as it consolidates around the $80,000 area. Analyst Michael van de Poppe expects the cryptocurrency to avoid a deep correction despite its recent weakness.
The latest pullback came after stronger-than-expected US employment data put pressure on market sentiment across risk assets. As a result, Bitcoin retreated from its recent high near $82,262 and is now looking for support at key levels.
Van de Poppe has identified levels below $74,000 as potential areas where buying activity could increase. The analyst maintains a positive longer-term outlook despite the short-term price weakness.
The next major move for Bitcoin will depend on its ability to break above the $82,850 resistance level or fall below key support zones at $75,545 and $73,674.