Despite regulatory tightening, the general weekly bitcoin market is upbeat. Binance exchange has been banned in the United Kingdom, and all crypto-related operations have been declared illegal by the UK’s financial authority. Following the May crisis, the total market capitalization of the cryptocurrency market fell by 19%.
As the larger crypto markets continue to show indications of resilience, crypto analyst and trader Michael van de Poppe outline the critical price levels for Bitcoin, Ethereum, and Cardano.
Cardano began the week with a positive rise, gaining more than 5%. ADA price is now trading at $1.34 at the time of writing. According to analyst, the altcoin is unaltered at this time since it is still consolidating in a small range. If it breaks over $1.37-1.41, the next zone appears to be around $1.60, with $1.85 as a possibility.
Bitcoin Price has risen in price since the end of June, jumping from near $30,000 over the weekend to over $35,000 on Wednesday. Because of the relative stability, crypto analysts are split on whether the market is in a bull or bear phase, thus July’s movements will be closely monitored.
According to Micheal Van De Poppe, Bitcoin has obviously broken the $35,000 barrier. There’s good news! Now he wants it to hold as support so that he can keep moving up to $38,000. Even if there isn’t a retest, simply keep going towards those next levels.
Overall -> good signals on the markets.
When it comes to Ethereum (ETH), the analyst believes the premier smart contract platform needs to break over major resistance at $2,200 in order to reach $3,000.
Ethereum has shown some strength in this area, where it is currently confronted with a critical resistance zone. He says that he wouldn’t look for longs in this area. Short-term consolidation with support at $1,985-$2,015, would be the aggressive play.
If that happens -> continuation towards a breakout.”