Van De Poppe Eyes Bitcoin Rebound Above Key Support Levels
Bitcoin's price action is currently above key support levels and appears primed for another upward move, according to Michaël van de Poppe. The analyst notes that Bitcoin has successfully defended an important floor, setting the stage for a retest of the $82,700 zone.
The current price of $79,458.53 sits above both the 50-day exponential moving average (EMA) at $78,976.12 and the 200-day EMA at $73,978.01. Additionally, the Moving Average Convergence Divergence (MACD) has registered a golden cross at -137.75, indicating a potential price increase.
The Relative Strength Index (RSI) is currently at 53.72, which remains neutral, and the price is still within the Bollinger Bands. As a result, the next volatility expansion is likely to target the upper band at $80,358.23 before any deeper pullback to the 50-EMA confluence.