This Is What Bitcoin Has To Reclaim To Get Bullish Again

There’s a popular crypto analyst who said that Bitcoin has to reclaim a specific price level in order to turn crypto markets bullish all over again. Check out the latest reports revealed by the online publication the Daily Hodl.

On Twitter, crypto trader Michaël van de Poppe said that the markets rejected Bitcoin at $38,000.

“Bitcoin rejected on the first crucial resistance at $38K. Reclaiming $37.6K would be something, not expecting it.”

Van de Poppe confirmed the $38,000 rejection while he highlighted BTC support levels at $34,000 and $36,000.

Van de Poppe also named the first step towards entering a bull market – flipping the $37,600 resistance to support.

When we’re looking at a bit higher timeframes for #Bitcoin.

Rejected at the crucial resistance around $38K.

Dropped south, making important support levels $36K and $34K.

If we want to become bullish -> Flip $37.6K is first step. pic.twitter.com/CCWo0CnkYF

— Michaël van de Poppe (@CryptoMichNL) January 26, 2022

He said that he’s still biased on Bitcoin in the bullish direction and that BTC has not yet entered bear territory.

“I believe in higher highs and higher lows, especially in a consolidating environment. So for me to admit that there’s a bear market, I need to break this low [$28,805].”

He also made sure to addresses some important reasons for which he believes Bitcoin is still in a bullish environment from a fundamental perspective.

“When we go up exponentially, it’s easier to call the start of a bear market. When you don’t go up exponentially, and this looks exponentially in absolute terms [BTC rally from $3,700 to $64,000], but not in percentage terms. And also not based on what was happening in the general environment.”

He continued and explained:

“MicroStrategy is getting in. Tesla’s getting in. El Salvador accepting it as a reserve currency. These were very bullish macro signs.”

Crypto adoption is also going great these days.