Bitcoin

The post <a href="https://coinpedia.org/news/bitcoin-bull-trap-btc-price-still-at-risk-of-dropping-20-in-coming-days/" rel="noopener noreferrer nofollow">Bitcoin Bull Trap: BTC Price Still At Risk of Dropping 20% in Coming Days</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
<a href="https://www.youtube.com/watch?v=KbL65b5Abd4" rel="noopener noreferrer nofollow">On Crypto Banter’s channel, </a>analyst Kyledoops recently talked about Bitcoin’s crucial position below $60,000 and the importance of the $58,000 to $60,000 range. He warned viewers about a possible trap in the market and shared tips to avoid it. He noticed a bit of relief in the market, with many top coins bouncing back on hourly and daily charts. Altcoins were doing better than Bitcoin, with some even making big gains.
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 “Where are we within the cycle? We’ve spoken a lot about the diminishing volume which tends to happen in a corrective phase. Now, I give a slight edge to the Bulls just to give you full disclosure over there. I am very, very, very cautiously on a fine line on thin ice bullish, right? But that ice is cracking and we’re about to fall through,” he said.
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However, the bullish edge was hanging by a thread, with the potential for a major bear trap if Bitcoin closes above $60,000. The Analyst highlighted the significance of the 21 exponential moving average on the weekly timeframe and cautioned against losing it as it could signal a deviation back into the old trading range. Despite hitting those levels, there was historical precedence for a rebound, especially between the 100 and 150-day moving averages within the bull market.
While there might be short-term spikes, the overall trend remains bullish, though correction phases can last up to 8 to 12 weeks with drawdowns of 20 to 40%. Bitcoin has seen a 23% drop, with a potential further decline to around $44,000. However, any such move is expected to be brief, with a swift rebound anticipated.
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 The analyst added, “If the weekly candle starts to close above $60,000, well, you can see very quickly how a major bear trap would have unfolded over there. So currently we’re putting in a little bit of a wick.”
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Bitcoin Bull Trap: BTC Price Still At Risk of Dropping 20% in Coming Days

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