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Bitcoin Market Analysis: Consolidation Phase and Altcoin Bottom Insights by Van de Poppe


Bitcoin (BTC) Consolidation Amidst Market Uncertainty

Market analyst Van de Poppe believes Bitcoin (BTC) is currently looking to consolidate at its current price as the altcoin bottom slowly creeps in. Micha\u00ebl van de Poppe, Founder of MN Capital and seasoned analyst, revealed his BTC analysis chart in a recent post, highlighting support ranges around $51,000 and $46,000. He explained that Bitcoin is eager to consolidate at its current price position. The daily relative strength index (RSI) has continued to move in a choppy direction at this level, confirming the tendency of a range-bound movement.

Geopolitical Turmoil and Fed Interest Rate Uncertainty Impact

Amid the backdrop of geopolitical turmoil and Fed interest rate uncertainty, the momentum that carried BTC price above $72,000 on April 8 has faded as the price now sits at around $62,100. As the market uncertainty grows, van de Poppe\u2019s chart spotlights immediate support and resistance levels to watch out for. BTC boasts a close support at $60,748, which could hold against any steeper drops should a correction occur.

Altcoin Enthusiasm and Market Sentiment

As an altcoin enthusiast now speculating an altcoin bottom, van de Poppe recently revealed that the ongoing correction in the altcoin market signifies a significant buying opportunity. On April 2, he compiled his top 10 list to buy during the dip, which included the likes of Chainlink (LINK), Polkadot (DOT), Cosmos (ATOM), and Arbitrum (ARB). In the comments of van de Poppe\u2019s latest BTC analysis chart, the community showed a narrow range of opinion, agreeing upon consolidation and firm future bullish expectations.

Additionally, CryptoMoon posted his opinion. In a chart, he noted two points of price deviation, with BTC currently within one of these points, speculating bullish signs ahead if BTC breaks out above the \u201cbull market support band.\u201d BTC\u2019s 24-hour trade volume currently stands at $44,074,301,671 despite the 10% slump over the last seven days. The asset is currently trading at $62,408, witnessing a 0.46% decline over the last 24 hours.

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