Bitcoin (BTC) traded near $80,874 on May 10, with an intraday high of $81,026 and a low of $80,237. The move kept BTC close to the $81,000 area after a steady weekly recovery.
Summary
- Van de Poppe says Bitcoin can grind higher while price holds above the 21-MA.
- The $79K and $76K levels remain key supports for Bitcoin’s short-term structure.
- CryptoQuant data shows Bitcoin’s aSOPR stayed above 1 for nine straight days.
Michaël van de Poppe said Bitcoin’s setup remains simple. In his view, BTC can keep moving higher as long as price stays above the 21-period moving average.
Van de Poppe pointed to $79,000 as the main short-term support. He added that $76,000 could still protect the broader structure if Bitcoin loses the first level.
“As long as the 21-MA remains beneath price” remains the key condition in his outlook. The view depends on Bitcoin holding its trend and avoiding a deeper move below support.
Bitcoin profit-taking signal improves
CryptoQuant analyst Carmelo Alemán said Bitcoin’s adjusted SOPR has stayed above 1 for nine straight days since May 1. The metric tracks whether spent BTC moved at a profit or loss.
A reading above 1 shows that sellers are realizing profits. Alemán said the longer streak makes the signal less noisy and shows the market has absorbed profit-taking so far.
Altcoin strength brings correction warning
Van de Poppe also warned that more altcoins are showing strength. He said that phase may continue for several weeks but could mark the later stage of this upward run.
He warned that some altcoins could face 30% to 50% corrections around June or July. For Bitcoin, he still sees $86,000 to $88,000 as the next major resistance zone, followed by $93,000 to $95,000 near the 50-week moving average.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
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