Why Bitcoin Price Stuck at $79K, Michael van de Poppe Explains

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Bitcoin, the pioneer cryptocurrency, jumped roughly 6% over the past week, pushing straight into the key $79K resistance zone. Meanwhile, well-known crypto trader Michael van de Poppe says that as long as the $75,000 support holds, Bitcoin could still move higher toward $85,000–$88,000 in the next one to two weeks.

Why $79K Is Such a Hard Wall to Break

For the past weeks, Bitcoin has been showing healthy price behavior despite a small pullback after testing the $79,468 level.

According to van de Poppe’s analysis, this level is filled with sell orders and short positions that have been building up over weeks. Of this, Bitcoin may pause or move slightly lower before attempting another breakout.

Poppe says that Bitcoin could gather strength again before making another attempt higher. The more likely scenario, and the one van de Poppe lays out clearly, is a three-step process:

First, Bitcoin tests the $79K wall.
Second, it pulls back slightly to gather momentum.
Third, it finds fresh buying strength and pushes through, this time targeting $86,000 with real force behind it.

Poppe notes that “this is not weakness. It is the market doing what it needs to do before a bigger move.”

Coinglass Data Hint, Short Squeeze Setup

Market data also points to a possible short squeeze. According to CoinGlass data, Bitcoin’s funding rate is slightly negative at -0.0092%, while open interest has increased to $60.54 billion.

This means more traders are betting that the price will fall, but Bitcoin is still holding steady.

When this kind of setup plays out, short sellers often get forced to close their positions at the same time. This can quickly push the price higher.

Key Levels Traders Are Watching

Not every analyst is purely bullish. Crypto analyst Ted Pillow laid out the support structure clearly for those watching the downside.

The immediate floor sits near $76,000. Below that, $75,650 and $75,400 are the next meaningful support levels. If selling pressure intensifies further, $74,250 comes into play, and the main line in the sand sits at $73,200, which van de Poppe also identifies as the broader support range that must hold for the bullish case to remain intact.

A failure to reclaim $77,350 in the near term would be the first warning sign that Bitcoin needs more time before its next push higher.
source: https://www.tradingview.com/news/coinpedia:0a2bca86b094b:0-why-bitcoin-price-stuck-at-79k-michael-van-de-poppe-explains/