The launch of Ordinals and Inscriptions last week breathed new life into the Bitcoin network. However, in terms of price, the situation is not so optimistic. BTC price set a 3-month low yesterday at $25,878.43. Closely followed crypto analyst Van de Poppe says he will buy at this level in the next drop.
Bitcoin price jumps from bottom amid warnings
After falling as low as $25,878.43 on May 12, BTC price tried to surpass $27,000 today. The leading crypto started the week with weak price movements. It then briefly cut the 100- and 200-week moving averages before rebounding.
As the weekend begins, market participants are split over the likely course of events. Daan Crypto Trades of Twitter says $26,500 must be defended with certainty going forward. BTC is currently only $300 away from this level.
‘$25,000, long position opportunity’
On the other hand, popular crypto analyst Michaël van de Poppe was seizing opportunities in the market as the BTC price fell. He interpreted the red daily candle on May 12 as a positive sign.
Analysis prior to local bottoms likewise marked $26,500 as an important level to retrace to value longs. “Bitcoin is showing weakness and altcoins are bouncing slightly in BTC pairs as they pull back significantly. Generally, I’m looking at a scenario where we need to reclaim $26,500-26,800 before reaching long positions. Otherwise, $25,000,” he says.
#Bitcoin is showing weakness and #altcoins are slightly bouncing in their BTC pairs as they have been retracing significantly.
Overall, I'm looking at a case that we need to reclaim $26,500-26,800 before hitting longs (mentioned yesterday).
Otherwise, $25K. pic.twitter.com/dgwxdH3NHE
— Michaël van de Poppe (@CryptoMichNL) May 12, 2023
Loss of 200-week trendline will “invalidate” bullish argument
Meanwhile, the signals from the Binance order book have been far from optimistic, according to analysis by Material Indicators. The lack of bid liquidity was a major concern, with the largest whales withdrawing from the market.
Material Indicators maintained that the 200-week MA remains an important line when it comes to bullish forward thesis. In the analysis, “The bearish situation is quite simple. If we continue to see a lack of bidding liquidity and buying from purple and brown whale classes, this will lead to further declines. Any sustained breach below 200 WMA invalidates any bullish dream,” he said.
cryptocoin.com As we have reported, on-chain analyst Ali Martinez has revealed an optimistic scenario for BTC in his current analysis. Contrary to warnings of a new bottom, Martinez is seeing signs of strength on the BTC chart. BTC price is currently trading just below the $27,000 zone. It has lost more than 8% in value compared to last week.
