Bitcoin has slipped from around $80,500 to near $79,000, reviving talk of a deeper pullback. Analyst Michael van de Poppe says he doesn't expect a "deep" correction and points to $82,850 as the level that decides Bitcoin's next move, while traders also watch this week's US inflation data.
Bitcoin trades near the flatline at $79,033, down from a 24-hour high of $80,530. The pullback follows a local high of $82,262 last week, reached before stronger-than-anticipated US jobs data dampened market sentiment.
Analyst sees no deep correction
Robust inflows into US spot Bitcoin ETFs have supported the recent rally, pointing to soaring institutional confidence. Despite the latest consolidation phase, analyst Michael van de Poppe has stayed bullish on Bitcoin's long-term trajectory.
In a recent X post, van de Poppe said he does not expect a "deep" correction in Bitcoin's price and welcomed the consolidation, adding that a drop below $74,000 would offer a buying opportunity for traders. He also noted that if Bitcoin breaks above the $82,850 resistance, it could continue climbing.
Key levels traders are watching
Van de Poppe's charts show that a fall below $75,545 or $73,674 support could trigger a slide toward $71,000 or roughly $70,000. Those levels give traders a map for how far a pullback might extend.
Beyond the technicals, investors are watching this week's US CPI and PPI releases for cues on where the Fed heads next. The Fed has previously signaled a hawkish path to curb inflation, and if the data comes in hotter than expected, it could push the central bank toward a 25 basis point rate hike. Prediction markets currently put the odds of a September rate hike at 50%, suggesting traders are treading cautiously ahead of the releases.
Source: CoinGape
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