Bitcoin regained the critical level: Here is the crypto update on February 3, 2025

Cryptocurrency News – If we take a quick look at the US Stock Market, we can see that the S&P 500 opened at a much lower level compared to Friday's closing price. However, it has largely recovered since the opening on Monday. This situation is similar to the DeepSeek event that started about 1 week ago.

Considering that the market has recovered from the crash a week ago, we could encounter the same scenario again. The recovery of the stock market is crucial for the cryptocurrency market because there is a significant correlation between these markets.

Bitcoin Price Moves in a Critical Range!

When Bitcoin price charts are analyzed, despite short-term pullbacks, there are still bullish signals. We have also encountered short-term pullbacks very often in previous bull markets. On the weekly Bitcoin timeframe, not much has changed. In addition, a downward trend is observed for the first time in about 1 year in the weekly Bitcoin MACD indicator.

This downward trend last occurred in April 2024. We need to see an upward movement in the next one to two weeks to reverse this outlook. The $101,000 level is crucial for Bitcoin's price. We should closely monitor the closing prices above and below this level. If daily candlestick closes occur below these levels, we may even talk about the $92,000 levels.

In addition, Fed Chairman Jerome Powell made positive remarks about the crypto market. Powell said, “Our role with Bitcoin is really to look at crypto and banks. As you know, we think that banks can serve crypto customers perfectly as long as they understand and can manage the risks.” Trump's influence is very clear in Powell's remarks, and if banks start to hold crypto, we can expect some movement in the DeFi sector.

These Altcoins Could Be on the Verge of a Bullish Breakout

Now, let's take a look at the altcoins in the portfolio of popular crypto analyst Michael Van de Poppe and his expectations for these altcoins. Poppe says there are 4 major and 4 minor altcoins in his portfolio. The major altcoins include Celestia (TIA), Bittensor (TAO), Sei (SEI), and Optimism (OP). The minor altcoin portfolio includes Rocketpool (RPL), Omni (OMNI), Renzo (REZ), and Aevo (AEVO). Poppe says that all the assets in his portfolio are interconnected. These altcoins are observed to have common features in artificial intelligence, Ethereum Layer-2, or DeFi.

The analyst, who constantly expresses his expectations for OP coin, also shared a detailed chart analysis. When OP charts are analyzed, it is observed that it experienced a major crash due to Japan carry trade and we have returned to the accumulation range we have been moving since July. Therefore, we can say that nothing has changed for altcoin.

In the OMNI coin charts, it appears that we are on the verge of a potential bullish divergence. This indicates a reversal in the asset. Poppe says that this reversal should happen in a very short period of time. Otherwise, the bullish outlook seems to be invalidated.

The analyst notes that SUI coin has been consistently creating the appearance on the OMNI chart. SUI coin has been making a major bullish divergence since its listing. However, considering that SUI has risen by 500 percent against Bitcoin, it indicates that it is not a good option to enter the asset at the moment.

The information in the text is purely for informational purposes. It does not constitute any investment advice. Cryptoparahaber.com is not responsible for any profit or loss arising from your investments. Ultimately, investment is based on many factors such as knowledge, experience, research, and personal decisions.

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