Bitcoin Could Dip to $76604 Before Rising Again

Analyst Michael van de Poppe suggests Bitcoin could dip to $76604 before rising again. Bitcoin faces a tough resistance zone between $88244 and $86549

Crypto analyst Michael van de Poppe says Bitcoin could drop to the $76,604 zone before continuing its ascent.

Bitcoin faces a crucial resistance bracket that could slow its progress.

A potential agreement between the U.S. and China might ease market stress and support Bitcoin’s recovery.

Bitcoin is climbing again to $89,000 and now it’s eyeing a key resistance level of $90,000 to break. Perhaps, popular crypto analyst Michael van de Poppe, Bitcoin might take a small dip to $76,604 before going higher. He also believes that a deal between the U.S. and China could help push the price up again.

But will Bitcoin break out soon, or is it about to cool off?

Bitcoin Is Near a Strong Resistance Again

In a recent tweet post, van de Poppe shared a chart showing Bitcoin’s recent bounce and its approach to a critical resistance zone around $88,244–$86,549. This area has been a tough spot for Bitcoin in the past. Every time it reaches near this level, it gets pushed back down.

#Bitcoin attacking the highs.I think we'll see one more pullback to test whether there's enough buying pressure.After that, we'll likely see a deal between China – US and we'll run back upwards. pic.twitter.com/LfhyontxY

But things might be different this time.

Poppe’s chart suggests that if Bitcoin sees another small pullback, possibly retesting the $80,982 area, it could act as a healthy reset. After this correction, we might test if buyers still have enough strength to continue the push.

But if Bitcoin doesn’t hold at that level and drops more, it might go down to around $76,604. This was a support level earlier, but now could act as a new resistance.

Global Events Will Pump Bitcoin Price

Interestingly, the analyst also hinted at something bigger on the horizon, a potential deal between the U.S. and China. If such a deal reduces market tensions, Bitcoin might see a boost.

Meanwhile, Bitcoin’s price saw a slight increase after the world’s biggest corporate Bitcoin holder, Strategy, bought around 6,556 coins for about $555.8 million.

As of now, Bitcoin’s price is slowly rising above $88,500, with a 1.5% increase in the last 24 hours.