Crypto trading expert has identified a critical step for Bitcoin exchange.

Considering the recent Bitcoin (BTC) cryptocurrency market with multiple cryptocurrency markets, investors and crypto traders are keeping a close eye on the market.

According to Michael Van de Pop, a well-known crypto trading expert, there are two possible causes for Bitcoin to fall sharply – the $ 39,300 level and the weak US dollar index (DXY).

In a video posted on April 27 on his YouTube channel, Pop said:

“At this stage the price action of Bitcoin is very similar to previous levels, especially in combination with the current stock or side spirit and it has been very long since the last four months.”

Considering this action, the current ATLs and DXY are approaching the key levels with the previous highs, he believes the next step will be to the top and perhaps the loss will be huge.

Reversing the $ 39 K level

As explained by Pop:

“Now if we want to see some serious progress, we are really rejecting the area we need to fix. There is a level at about $ 39,300 that needs to be copied and this can be a long-term trigger overall.

Recent BTC price action. Source: Michael van de Pop

Analysts also say Bitcoin should break into the $ 42,000 resistance range before it can run at $ 50,000 and then at around $ 57,000.

However, he believes that if the markets are “really ready for nuclear”, $ 30,000 could be the lowest for the market. Looking at the price action itself, the $ 37,000 level is also important, he said.

Finally, the pope concluded:

“If we clear the $ 37,000 or break $ 39,300 and start reversing DXY, I think Bitcoin will get a big run.”

Meanwhile, the Central African Republic (CAR) has joined El Salvador in listing the countries that hold Bitcoin as a legal tender, and on April 21, Crypto passed a law regulating currencies, Finbold reported.

It remains to be seen whether this news item will push the value of Bitcoin to a higher level for crypto analysts.

Word of apostasy The content on this site should not be construed as investment advice. Investing is approximate. When you invest, your capital is at stake.

Watch the full video here

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