Bitcoin

Caution Traders: This May Just be a Huge Bull Trap Set Up by the Bears, Bitcoin(BTC) Price Could Still be in their Captivity!

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Jun 1, 2022

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Highlights

    Bitcoin price after surpassing $31,500 is struggling hard to sustain at these levels, hence pointing out towards the resumption of the bearish trend

    While many believe that the markets are out of the bearish trap, more dreadful days may be awaiting for the BTC price and the entire crypto space ahead

In the past couple of days, Bitcoin and the broader crypto markets have showcased a significant recovery. In spite of an 8% upswing, the asset appears to be surrounded by the bearish cartel which may drag the price back to its initial levels or probably much below the lower support very soon. Currently, the BTC prices are hovering around $31,576 with less than a per cent drop compared to the previous day’s close. 

Now, if the investors are speculating this consolidation to be a calm before the storm, then they may have been mistaken as the market still remains within the control of the bears. Therefore, it may be too early to say whether the BTC prices have laid down the path toward its new ATH. And hence, this popular crypto analyst pens down the reasons why the current phase is not the beginning of the bull market. 

The analyst referred to one of his previous tweets where he says that he had already warned before about the market crash in previous November. And also says that the bear market rallies are possible which attracts victims to fall into the trap. He believes markets are still in a bear market as the assets are still forming lower highs and lows. Therefore, it is pretty easy to sell in lower high. 

Further, the analyst also says that the rallies within the bear market are extremely brutal as they rally magnificent towards the north. But eventually, these short-term rallies are bound to drop hard to their initial levels. 

“ Also yes. I think market has more upside before down fwiw. I just believe market structure will stay intact. So you have to define those levels on your trades,” 

Yet another popular analyst also believes that the markets are still not out of woods and hence the current spike is just a small relief. Therefore, the analyst still believes this bearish rally could go still higher before meeting up with its fate. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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