Bitcoin, the pioneer cryptocurrency, jumped roughly 6% over the past week, pushing straight into the key $79K resistance zone. Meanwhile, well-known crypto trader Michael van de Poppe says that as long as the $75,000 support holds, Bitcoin could still move higher toward $85,000–$88,000 in the next one to two weeks.
For the past weeks, Bitcoin has been showing healthy price behavior despite a small pullback after testing the $79,468 level.
According to van de Poppe’s analysis, this level is filled with sell orders and short positions that have been building up over weeks. Of this, Bitcoin may pause or move slightly lower before attempting another breakout.
Poppe says that Bitcoin could gather strength again before making another attempt higher. The more likely scenario, and the one van de Poppe lays out clearly, is a three-step process:
Poppe notes that “this is not weakness. It is the market doing what it needs to do before a bigger move.”
Market data also points to a possible short squeeze. According to CoinGlass data, Bitcoin’s funding rate is slightly negative at -0.0092%, while open interest has increased to $60.54 billion.
This means more traders are betting that the price will fall, but Bitcoin is still holding steady.
When this kind of setup plays out, short sellers often get forced to close their positions at the same time. This can quickly push the price higher.
Not every analyst is purely bullish. Crypto analyst Ted Pillow laid out the support structure clearly for those watching the downside.
The immediate floor sits near $76,000. Below that, $75,650 and $75,400 are the next meaningful support levels. If selling pressure intensifies further, $74,250 comes into play, and the main line in the sand sits at $73,200, which van de Poppe also identifies as the broader support range that must hold for the bullish case to remain intact.
A failure to reclaim $77,350 in the near term would be the first warning sign that Bitcoin needs more time before its next push higher.
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
The question every investor in crypto secretly asks is not which coin to pick but…
Ethereum price is heating up at a time when much of the crypto market remains…
Ethereum, the second largest cryptocurreny has seen a jump of 27% in the past month…
Investors are watching two major events this week: the Federal Reserve's July 29 policy decision…
Palantir PLTR stock Price remains under pressure despite reporting 85% year-over-year revenue growth in the…
Bitmine Immersion Technologies (BMNR) said its Ethereum holdings have reached 5.79 million ETH, representing about…
