Summary
- Analyst Michaël van de Poppe said $76,000 is a key support level for Bitcoin (BTC).
- He said Bitcoin could rise toward $90,000 if the $76,000 support level holds, with the 50-week moving average on the weekly chart near that level.
- If that support breaks, short-term downside pressure could intensify, with traders also watching U.S. Treasury yields, inflation, and the stock market.
Forecast Trend Report by Period
Cryptocurrency analyst Michaël van de Poppe identified $76,000 as a key support level for Bitcoin, saying the token’s ability to hold that mark could determine whether it extends its rally.
Writing on X on May 15, Van de Poppe said Bitcoin was showing its first bearish signal of the day.
A pullback in the Nasdaq and a rise in the U.S. 10-year Treasury yield above 4.50% were weakening Bitcoin’s upward momentum, he wrote.
Still, further gains remain possible as long as support at $76,000 holds.
In that case, Bitcoin could climb toward $90,000, near its 50-week moving average on the weekly chart.
If the support level breaks, short-term downside pressure could intensify.
Risk-asset volatility has recently increased as U.S. Treasury yields surge and inflation concerns persist.
Traders are watching whether Bitcoin can maintain its key support level, alongside moves in U.S. interest rates and the stock market.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
