A much-followed crypto analyst breaks down Bitcoin (BTC), Ethereum (ETH) and the rest of the crypto markets after a busy week.
Crypto markets have been tumultuous this week, mainly in response to the two US Securities and Exchange Commission (SEC) lawsuits against Coinbase and Binance.
In the lawsuit against Binance, the SEC alleges that Binance violated securities laws by selling unregistered securities to US customers. In its similar lawsuit against Coinbase, the SEC alleges that Coinbase violated securities laws by not registering certain digital assets as securities. The news of the Coinbase lawsuit came a day after the news of the Binance lawsuit. Both cases rocked the crypto markets this week.
In response to the volatility, crypto analyst Michaël van de Poppe is widely followed tells his 657,400 Twitter followers that BTC must remain above $26,100 to avoid further drop-off.
“Bitcoin is still holding on to the low range, but the price action is just disgusting.
Must hold over $26,100 to avoid a cascade.
BTC is worth $26,613 at the time of writing.
Looking at the leading Ethereum smart contract platform, Van de Poppe say ETH needs to break and hold the $1,850 price level.
“Good bounce on Ethereum, but we will definitely need to see it break $1,850.”
ETH is worth $1,855 at the time of writing.
Finally, looking at the crypto markets as a whole, the trader breaks down the total crypto market capitalization (TOTAL), a measure of the overall value of the crypto space. Van de Poppe seems to suggest the TOTAL needs to stay above the 200-week moving average (MA) to prepare for a rally.
“This week is a super important week for Crypto market cap.
Holding an MA over 200 weeks is a must, and next week we have CPI (consumer price index) and FED coming up.
Rally to start?”
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Featured image: Shutterstock/Liu zishan/WhiteBarbie
