Notably, leading cryptocurrency trading expert, Michael van de Poppe has stated that as a result of the sudden dip that occurred on January 10 when Bitcoin briefly fell below $40,000, BTC has reached a longer time frame for support, which has, in turn, created the foundation for more financial opportunities to emerge.
Bitcoin market sentiment
As a result of the most recent dip, the Bitcoin Fear and Greed Index is at 21 from the last update on January 11, but better than a sentiment of 15, which it showed on January 6, its lowest point since July 21, 2021. The Bitcoin Fear and Greed Index, which measures the general sentiment of the Bitcoin community toward the world’s most valuable cryptocurrency, continues in the domain of “Extreme Fear.” Nevertheless, despite the “Extreme Fear,” Poppe highlighted this as a chance to look for an entry: He added:
Bitcoin support and resistance levels
The trading expert pointed out two critical support levels: one between $37,000 and $40,000, which is the level that he would want to see Bitcoin hold, and the second, which is $31,000. Poppe noted: It appears that on the upside, the $46,000 level is a critical resistance level that Bitcoin must overcome; currently, the digital asset is trading at $41,867, up 0.64% on the day and down 10.39% over the last week, according to CoinMarketCap data. Furthermore, Bitcoin has a market capitalization of $792 billion and has increased its overall market dominance beyond 40%, accounting for 40.6% of the entire cryptocurrency market. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
