Trader Shares What to Look Out for as BTC Loses $27K Support

The popular crypto trader and analyst Michael van de Poppe recently tweeted the possible scenarios for Bitcoin (BTC) which he will be watching out for over the next few days. This post comes after the market leader’s price got rejected from the $27.5K resistance, which the trader labelled as a crucial level.

#BItcoin lost crucial levels after rejecting at $27.5K.

I wanted it to hold $27K, it didn’t.

Scenarios I’m watching;
– Sweep $25.8K for bullish div long play (perhaps $24.9K)
– Reclaim $26.6K or preferably $27.5K = long play for me as then we’ll accelerate towards highs. pic.twitter.com/Buan5lzLwf

— Michaël van de Poppe (@CryptoMichNL) May 24, 2023

Van de Poppe also mentioned that he wanted the $27K support level to hold, but this was not the case as BTC’s price had broken below the support level in the past 48 hours. As a result, van de Poppe predicted two possible scenarios for the crypto in the next couple of days.

The first scenario mentioned by the trader was that there would be a sweep towards $25.8K, possibly even $24.9K. If this scenario did not play out, then van de Poppe predicted that BTC’s price would reclaim $26.6K or could rise to as high as $27.5K. He stated that he will go long on BTC if the latter plays out, because its price will “accelerate towards highs.”

4-hour chart for BTC/USDT (Source: TradingView)

At press time, BTC’s price remained below the key $27K mark according to CoinMarketCap, and traded at $26,252.95 after printing a 1.85% loss in the previous 24 hours. The first potential scenario discussed by van de Poppe seems to have played out over the past day, as BTC’s price established its 24-hour low at $25,890.59.

Since then, however, BTC recovered to trade at its press time level. This also enabled it to strengthen against its biggest competitor, Ethereum (ETH), during this time – outperforming the leading altcoin by 0.15%.

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