Price Analysis

Bitcoin Bull Trap Alert! A Massive Rejection May Be Fast Approaching!

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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Jul 20, 2022

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Bitcoin price over the past couple of days has displayed immense strength that enabled the price to surge beyond $23,000 during the early trading hours. The asset broke out from the bearish pattern and led its way toward new highs. 

Despite the present upswing, the BTC price appears to have laid down a bullish trap aiming to lock up the funds at higher rates and compel the traders to sell at loss. 

One of the crypto influencers warned the crypto enthusiasts about the upcoming BTC price dump. As per the analyst, one of the biggest whales is about to dump his holdings as the platform has witnessed a major selling in the past couple of hours. 

Therefore, the analyst believes that the current upswing may be just another bull trap set out by whales and predicts the price to drop to $10,000 in the coming days. However, as reported by Coinpedia earlier, the Bitcoin price may drop heavily after undergoing a massive rejection, the recent sell-off supports the claim. 

While, despite multiple trap warnings, the Bitcoin(BTC) price is displaying acute strength as it just crossed 200-day MA which is considered the biggest milestone. On the other hand, the price of BTC is right up against the realized price indicating a good sign. Additionally, the fear & greed index is slowly rising indicating the resurgence of bulls ahead. 

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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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