Although Bitcoin ( BTC ) has been in a correction mode for the past six weeks, crypto analyst Micha ël van de Poppe indicates that if certain key conditions are met, Bitcoin is expected to rebound to $100,000.

Poppe believes that if the price of Bitcoin holds above the 200-day moving average ( MA ), it could surge towards $100,000, and so far this level has not been breached. More importantly, this crypto analyst pointed out that BTC must reclaim the 21-day moving average as a support level.

Poppe indicates that if Bitcoin can continue to close above its first resistance level of around $75,000, as well as the next resistance level of $77,200, it may turn bullish in the short term.

Earlier on Wednesday, this analyst emphasized that the price trend of Bitcoin has been replicating its rebound in 2023. Although the outlook remains volatile, Poppe pointed out that there could be a short squeeze, where rising prices force short sellers to cover their positions, thereby bringing in forced buying and further accelerating the upward trend.

Why is the Bitcoin price facing continuous selling pressure?

Over the past six weeks, as American investors have once again exerted selling pressure, the price of Bitcoin has faced an even stronger bearish sentiment. In addition, according to data from SoSoValue, US spot exchange-traded funds (ETFs) have seen a net outflow of approximately $1.778 billion for three consecutive weeks.

Therefore, the demand for Bitcoin among American investors has always been relatively low. In addition, data from CryptoQuant shows that the difference in price of Bitcoin – that is, the difference between Coinbase and Binance on BTC – has largely been negative.

Essentially, a Coinbase Premium Gap value that is negative indicates that American investors are unwilling to pay the global BTC price, thus reflecting weak demand.

Therefore, the resurgence in demand for BTC in the United States could once again boost bullish sentiment.