Bitcoin hovered near $118,348 on Sunday, marking a 0.39% rise over the past 24 hours. Analysts Lark Davis and Michaël van de Poppe highlight potential pitfalls that could challenge traders.
Key Insights:
- Analyst Lark Davis points to $108K–$112K as a significant support range should Bitcoin decline further.
- Michaël van de Poppe notes that Bitcoin may remain in a consolidation phase after being rejected at a resistance level.
- Strong support is indicated around $117,000, while resistance is observed at $118.6K.
Analyst Perspectives
Lark Davis argues that further declines could see Bitcoin testing the $108K to $112K zone, which previously served as a ceiling and could now flip to support.
“If Bitcoin continues to slide, the most likely landing zone is $108,000–$112,000.”
(Translation: Si Bitcoin sigue cayendo, la zona más probable de aterrizaje es entre $108,000 y $112,000.)
He emphasizes a convergence of market signals such as Fibonacci retracement levels, which are seen as critical retracement points by traders.
Michaël van de Poppe, on the other hand, expects a sideways trading range, suggesting that the market needs a pause after hitting resistance:
“A rejection means sellers absorbed demand as the price tried to break out.”
(Translation: Un rechazo significa que los vendedores absorben la demanda mientras el precio intenta romperse.)
Both analysts highlight the importance of market conditions in driving either a price dip or stability. Pay attention to Bitcoin’s performance to gauge potential trading opportunities.
