• Bitcoin has recently crossed the $30,000 mark for the first time since June last year, leading to speculation about a new boom in cryptocurrencies.
• Analyst Michael Van De Poppe highlighted important levels for Bitcoin and cautioned that investors should watch out for the CPI data release this week.
• Some traders are predicting volatility ahead of the CPI data release, with potential price corrections before the event and sharp post-release drops.
Bitcoin Surpasses Crucial Resistance Level
The price of Bitcoin has finally been able to surpass a crucial resistance level after a prolonged period of bearish blues. This has caused some investors to wonder if the current rebound is really a bull trap or if the bear market has truly ended. For the first time since 10 June last year, Bitcoin has crossed the $30,000 mark– thanks to a strong push by the BTC bulls.
Analyst Maps Important Levels
According to analyst Michael Van De Poppe, Bitcoin is currently consolidating gains. He said that with Bitcoin’s recent climb, confidence has returned to the markets. Altcoins will follow Bitcoin’s positive trend according to him; he also cautioned that investors should watch out for an important event of this week – CPI data release – which could affect prices significantly. In his new YouTube video, he highlighted important levels for Bitcoin which include: $28.6k as previous breakout level and $27.8k as last low on daily time frame charts.
Volatility Predicted Ahead Of CPI Data Release
Another trader on Twitter said that both Bitcoin and Altcoins may face some volatility ahead of CPI data release later today (12th April). According to him, there can be three possible outcomes from this event: Price correction days before it; pre-release peak; and sharp post-data release drop; however none of these will be boring!
Conclusion
The current rebound in prices have led many investors to speculate whether or not we are at an end of bear market or just another bull trap? To make more sense out of these speculations one must keep an eye on two things – analytics predictions based on key levels like mentioned above and upcoming events such as CPI data releases which can cause significant changes in prices overnight!
About The Author
Qadir Ak is founder of Coinpedia who has over a decade long experience writing about technology topics including blockchain & cryptocurrency space since 2010 & interviewed prominent experts within cryptocurrency space too!
