Bitcoin Approaching Key Resistance At $23K: Crypto Analyst Michaël Van de Poppe Reveals What Comes Next

Crypto analyst Michaël van de Poppe on Monday shared key resistance levels for Bitcoin BTC/USD as it moves towards the $23,000-mark. 

What Happened: Van de Poppe, in a YouTube video, said that if Bitcoin breaks through the resistance level at $23,800, we can expect the trend to continue upwards. However, if the price falls below $22,300 and we get a bounce back at that level, this could signal the start of the trend reversing southwards. 

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According to the analyst, Bitcoin is currently consolidating and retesting a few key levels, and the overall trend remains upwards. This means that if BTC is above $22,000, “It is very likely that the rally will continue so you should be focused on that area to get the best entry points,” he said.

Van de Poppe on Monday tweeted that if BTC fails to stay above the crucial $23,800 level, then another test of the support is likely. If successful, the $25,000 level will be retested, offering a great opportunity for the "longs" (investors looking to buy and hold for the long term) to enter.

Scenario I´d be looking at, right now for #Bitcoin.

Rejecting at crucial $23.8K level would indicate that we´ll be having another test of the support.

If that sweep happens and we reclaim, $25K test is inevitable and longs are triggered. pic.twitter.com/qwVEwAyTrY

— Michaël van de Poppe (@CryptoMichNL) February 27, 2023

Price Action: At the time of writing, BTC was trading at $23,277, down 0.58% in the last 24 hours, according to Benzinga Pro data. 

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