In a recent tweet by renowned crypto analyst Michaël van de Poppe, it was revealed that a significant “sweep of the lows” has taken place for Bitcoin, potentially setting the stage for an upwards run in the market. Although the sweep didn’t reach the extent he desired, it did present him with entry opportunities for Chainlink, leading to a positive outlook for this altcoin.
Notable cryptocurrency analyst Michaël van de Poppe commented on the latest price movement for Bitcoin:
Sweep of the lows has been done for #Bitcoin, but not as far as I wanted.
— Michaël van de Poppe (@CryptoMichNL) July 31, 2023
It granted me entries on #Chainlink, so I'm positive.
If we get this sweep, that's great, we'll continue the upwards run after. pic.twitter.com/wuENQHStkC
According to van de Poppe, Bitcoin has experienced a sweeping movement towards the lower price levels. While the desired depth of this decline may not have been achieved, it did pave the way for the analyst to enter positions in Chainlink, another prominent cryptocurrency known for its decentralized oracle network. As per the tweet, the analyst remains positive about the development, hinting at potential upside movements for both Bitcoin and Chainlink.
Bitcoin (BTC) stands at $29,451.18, showing a minor increase of 0.42% over the last 24 hours. This price movement places Bitcoin in the top spot as the most valuable cryptocurrency in the market with a market cap of $1.19 trillion, accounting for 48.2% of the total cryptocurrency market dominance. Ethereum (ETH) follows at a distant second with a market share of 19.1%.
Over the past 24 hours, the trading volume for Bitcoin has reached approximately $28.9 billion, demonstrating significant liquidity and interest in the cryptocurrency. With over 19 million BTC in circulation, it has managed to gain popularity as a store of value, with only around 1.6 million more coins yet to be mined until it reaches its maximum supply of 21 million.
Looking at the market depth, there is support for Bitcoin at the +2% level, which indicates buyers willing to purchase at higher prices. Similarly, there is support at the -2% level, showing some confidence among investors even during minor price corrections.
Chainlink (LINK) is a cryptocurrency that currently trades against the USD with a value of 7.62. Over the last 24 hours, it has experienced a positive change of 0.84%. The technical indicators on the trading chart for LINKUSD are mixed, suggesting a neutral outlook. Among the oscillators, the Relative Strength Index (RSI) with a value of 56.38 indicates a neutral signal.
The Moving Averages are giving a varied picture. The Exponential Moving Averages (EMAs) show a mix of buy and sell signals across different periods. For instance, the 10-day EMA at 7.64 and the 20-day EMA at 7.40 indicate sell signals, while the 30-day EMA at 7.17 and the 50-day EMA at 6.9002486 provide buy signals.
In conclusion, the cryptocurrency market has seen some interesting developments recently, with Bitcoin experiencing a significant “sweep of the lows,” potentially setting the stage for an upward run. Noted crypto analyst Michaël van de Poppe has taken advantage of this movement, finding entry points in Chainlink, which has a positive outlook.
