Over the last 24 hours, the cryptocurrency market has risen marginally in a positive direction. Bitcoin, the market leader, increased by 0.97 percent, while Ethereum increased by 3.4 percent. The market as a whole moved in the same direction.
BTC Price Analysis
Bitcoin’s price has been extremely volatile over the last two weeks, causing it to move in a choppy-choppy pattern. Investors are concerned about the future of their assets due to the constant volatility.
On the other hand, there is a growing notion that Ethereum will eventually outperform Bitcoin in terms of value, and it continues to pique the interest of many Bitcoin investors. It’ll take some time, but it’s a serious challenge to Bitcoin’s position.
At the time of writing, Bitcoin is trading at $39210 up by 0.8% in the last 24 hours. The resistance on the upside is at $40000. The support is at $39000.
Bitcoin Bull Trap On Horizon
Bitcoin (BTC) is on the verge of a major corrective event, according to a pair of closely followed crypto strategists, which might push the price of the cryptocurrency near to the $30,000 mark.
Smart Contracter, a pseudonymous crypto researcher, informs his 205,500 Twitter followers that Bitcoin would create a bull trap at $42,000 in the next few days before retracing to $29,000.
He says BTC appears to be redistributed. He believes we will go sideways for another 10 days or so before getting a final capitulation washout.
Altcoin Psycho, a fellow crypto expert, has a pessimistic outlook as well. In a new strategy session, the crypto analyst says one of the things he’s waiting for in BTC is a large liquidation event, similar to what happened to Bitcoin in June 2021, that washes away excessive leverage in the market.
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Source: https://coinpedia.org/bitcoin/bitcoin-to-create-bull-trap-before-btc-price-retracing/