- According to Michaël van de Poppe, Bitcoin does not show strength.
- Van de Poppe noted that Bitcoin’s upward momentum is ending at $27,000.
- Crypto Rover believes all Bitcoin Spot ETFs could be approved this Friday.
According to Michaël van de Poppe, founder of MN Trading, the current Bitcoin chart setup does not show strength. In a recent post on X (formerly Twitter), Van de Poppe noted that Bitcoin’s upward momentum is ending at $27,000. He expects Bitcoin’s price to drop lower before establishing another reversal.
#Bitcoin doesn't show strength.Upwards momentum ending in rejecting at $27K, so probably we'll test some lower levels before we'll have a reversal.
CPI day as well! pic.twitter.com/cWRokntpFS
— Michaël van de Poppe (@CryptoMichNL) October 12, 2023
Van de Poppe shared a screen capture image that showed the Bitcoin price dropping below the $27,000 support level. At the time of his post, Bitcoin had traded for $26,781, marking its lowest price since the beginning of October. Bitcoin’s loss of momentum coincides with the U.S. CPI data release date, and Van de Poppe thinks the expected data could affect the Bitcoin market when released.
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