Crypto analyst Michaël van de Poppe is laying out the next possible steps for Bitcoin (BTC) after it tumbled in price on Thursday.
In a new strategy session, Van de Poppe tells his 165,000 YouTube subscribers that Bitcoin “slammed through a few support levels” on Thursday after the equities indices registered sharp moves down.
“Given that the move itself is so impulsive, it usually takes liquidity beneath there [$37,000] and given that that resulted into taking liquidity beneath these lows [$37,000], it started to shoot even heavier, resulting in this big volume spike.”
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Van de Poppe also highlights that the corrective move on May 5th registered the highest volume surge on the two-hour chart since December when Bitcoin collapsed from $56,000 to $42,000.
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