Van de Poppe: Bitcoin Bull Market Has Barely Started Amid Overbought Conditions

Bitcoin's bull market is barely underway, according to Michaël van de Poppe. As of August 23rd at $77355.33, Bitcoin trades within its Bollinger Bands. However, the upper resistance sits at $79650.96 and the Relative Strength Index (RSI) is overbought at 70.73.

The Moving Average Convergence Divergence (MACD) shows a death cross, which may be a warning sign for investors. Yet, the structure remains bullish above the Exponential Moving Averages (EMA50 and EMA200), indicating that the bull market cycle is likely to continue with some healthy retracement before further growth.

Van de Poppe's analysis suggests that Bitcoin's price will continue to favor continuation in its bull market. This comes as a reassuring message for investors, especially considering Bitcoin's current support levels at $71672.24 (EMA50) and $66632.21 (EMA200).