A prominent analyst says Bitcoin (BTC) needs to regain key levels to help the crypto market bounce back.

In a series of tweets, analyst Michaël van de Poppe told his 565,700 Twitter followers that Bitcoin was rejected by the market at $38,000.

“Bitcoin was rejected by the first key resistance at $38,000.

$37.6K recovery will bring momentum back.”

The source: CryptoMichNL/Twitter

Hours later, Van de Poppe outlined the key support levels for BTC at $34,000 and $36,000. He believes BTC could make a higher low here and that recovering $37.6K is the first step up.

“If I look at the bit higher time frame for bitcoin.

Rejected by critical resistance around $38,000.

Decline south, make a higher bottom at $36K or $34K.

If BTC wants to go higher -> flip $37.6k is the first step.”

The source: CryptoMichNL/Twitter

Van de Poppe suspect BTC could rise in the weeks and months ahead, but there is one major caveat.

“There could be a bounce in the short-term but any move below $37.6k will not be considered bullish.”

Bitcoin is trading at $36,737 at press time, up 2.22% on the day.

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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