2024

Bitcoin

when

In a recent episode of Crypto Banter’s “The Sniper Trading Show,” the analyst <a href="https://www.youtube.com/watch?v=65HZzq7V0iE" rel="nofollow">dissected</a> Bitcoin, discussing various hurdles and approaches to handle trading through these challenges. 
With Bitcoin currently teetering around the $57,403 mark, up by 2.4% in the past 24 hours yet still down 21.9% from its March peak, the market sentiment is cautiously tinged. 
This cautious stance is echoed by the Crypto Fear and Greed Index, which the analyst shows stands at a wary 28, indicating that buyers are <a href="https://www.newsbtc.com/news/bitcoin/peter-brandt-bitcoin-44000/" target="_blank" rel="noopener ">getting “cold feet”</a>—a sentiment that historically signals buying opportunities though with a careful approach. 
The analyst reminded the viewers to keep an eye on longer time frames, drawing from a consistent bullish stance on Bitcoin since its $10,000 valuation in 2020. 
<h2 id="is-bitcoin-setting-a-trap">Is Bitcoin Setting a Trap?</h2> 
The analyst pointed to critical resistance levels at $65,000 and $70,000, cautioning that the market could see a<a href="https://www.newsbtc.com/bitcoin-news/will-bitcoin-bounce-back-traders-place-their-bets/" target="_blank" rel="noopener "> bounce back</a> or <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-stabilizes-55k/" target="_blank" rel="noopener ">bull traps</a> set to liquidate over-leveraged positions. 
Throughout the conversation, the analyst then discussed Bitcoin’s current struggle to maintain support above a very important range of $60k-$61k recently– one that proved <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-mvrv-ratio-make-break-test-support-hold/" target="_blank" rel="noopener ">strong as support</a> has now become&nbsp;a formidable resistance. 
According to the analyst, this inability to break through this price range, now seen as resistance, suggests a changing market structure where previous <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-prices-must-first-breach-50000-before-rallying/" target="_blank" rel="noopener ">supports </a>become resistant, potentially stalling further price ascents. 
The analyst discussed the possibility of Bitcoin entering a range or getting ensnared in a trap that could precipitate a flurry of liquidations, emphasizing the need for traders to be versatile and prepared for sudden market movements. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/xo9FmhkC/" alt="Bitcoin (BTC) price chart on TradingView" width="2770" height="1496"> 
<h2 data-id="930c1d43-36b4-4819-a2e1-9bf715583591" data-pm-slice="1 1 []">Outlook On Altcoin</h2> 
Adding to the mix, the analyst identified that the small dip in market dominance for Bitcoin hints at a possible uplift for altcoins should the broader market sentiment pivot to bullish. 
He emphasized that this gradual change might indicate a potential upside for altcoins, consistent with prior times when Bitcoin dominance started to fall before any uptrend amongst the alternative cryptocurrencies. 
Meanwhile, recent technical analyses from prominent Analyst Ali <a href="https://x.com/ali_charts/status/1810635219332165760" target="_blank" rel="noopener nofollow">reveal</a> Bitcoin is inside a parallel channel on higher time frames, and TD Sequential has just presented with a buy signal hinting at a possible short-term rebound to around $58,300. 
In contrast, CryptoQuant CEO Ki Young Ju offered a more subdued <a href="https://x.com/ki_young_ju/status/1810713273995555259" target="_blank" rel="noopener nofollow">viewpoint</a> toward the ongoing miner capitulation, suggesting that the market might lack excitement for the next few months. He advised maintaining a long-term bullish outlook but cautioned against taking excessive risks during this period. 
<blockquote class="twitter-tweet"> 
 The market is absorbing all <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#Bitcoin</a> sales nicely. Demand is strong. 
 — Samson Mow (@Excellion) <a href="https://twitter.com/Excellion/status/1810554846891880680?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">July 9, 2024</a>
</blockquote> 
Featured image created with DALL-E, Chart from TradingView

Bitcoin Traders Beware: Analyst Warns Of Potential Traps Amid Price Fluctuations

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