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Cryptocurrency analyst Michaël van de Poppe said Bitcoin’s ability to hold $80,000 will be a key factor in determining its next price direction.
In a post on X, van de Poppe said BTC staged a relatively strong rebound after briefly breaking below its recent low, but needs to move above its previous high of $87,000 to maintain its uptrend. If BTC fails to set a new high, it could retest its recent low and fall below $75,000, putting the current uptrend at risk, van de Poppe said. On the other hand, if BTC forms a higher low and holds support at $80,000, the correction could end and the asset could attempt a further advance. Van de Poppe added this week’s price action will be an important inflection point for BTC’s next directional move.