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Analyst Maps Important Levels for Bitcoin (BTC) Price That Might Be a Good Entry for Positions

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In the early days of trading, the price of Bitcoin rose above $20,000 and continued to rise. The asset will try to break the key resistance at $20,800 and capture levels above $21,000 before the close of trading. Now that it has recovered from the demand zone, the price is expected to continue its important rise.

Trading volume has increased significantly, which may maintain the upward momentum. Although the rise has been significant, the trend reversal may not be confirmed yet as the BTC price is still moving in a downward direction. That's why Michael van de Poppe, a well-known analyst, marks a few key levels that should be watched closely until the end of the week.

According to the analyst, the critical level must be reached initially at around $20,700, after which the next target to be tested could be at around $22,900. However, if the price does not rise, it may fall significantly. BTC price may need to stay at $20,000 for such an event. Moreover, the asset's last line of defense may be between $19,300 and $19,500, after which it may revert to a bearish trap.

Bitcoin experienced a significant short liquidation during the early trading hours, which allowed the price to rise significantly above $20,200. A day near the levels achieved would mean a significant recovery at the moment BTC price trades near these levels. However, the price may continue to trade below the downtrend until it breaks above the crucial $22,500 resistance level.

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