3 Bitcoin Trading Behaviors Suggest BTC's Rebound to $24,000 is a "Fakeout"
BTC price jumped above a key resistance cluster, but its market structure and technical analysis suggests that this decision is just another trap.
Market analysis
Bitcoin (BTC) price hit $24,200 on July 28 after a nearly 10.5% rally that started the day before.
The gains emerged after Federal Reserve Chairman Jerome Powell signaled his intention to slow the Fed's current tightening spree. This has prompted some Bitcoin analysts to predict further upside in the near term, with pseudonymous analyst CryptoHamster seeing BTC at $26,000 next.
It looks like the bearish breakout was false, and the bullish flag has been validated. Let's see how fast $BTC can achieve these goals. #bitcoin $BTCUSD $ETH $ETHUSD #ビットコイン #биткойн #比特币 https://t.co/v6x4Ka23L7 pic.twitter.com/nKoEV8440X
— CryptoHamster (@CryptoHamsterIO) July 28, 2022But the potential for BTC to fully recover from its ongoing bearish slumber appears weak for at least three main reasons.
Bitcoin Bulls Have Been Duped BeforeBitcoin set its all-time high of $69,000 in November 2022. Since then, the cryptocurrency has declined over 60% while experiencing several mini-pumps along the way.
On the daily chart, Bitcoin has rebounded at least five times since November 2021, securing gains of 23% to 40% each time. However, ...
BTC price jumped above a key resistance cluster, but its market structure and technical analysis suggests that this decision is just another trap.
Market analysis
Bitcoin (BTC) price hit $24,200 on July 28 after a nearly 10.5% rally that started the day before.
The gains emerged after Federal Reserve Chairman Jerome Powell signaled his intention to slow the Fed's current tightening spree. This has prompted some Bitcoin analysts to predict further upside in the near term, with pseudonymous analyst CryptoHamster seeing BTC at $26,000 next.
It looks like the bearish breakout was false, and the bullish flag has been validated. Let's see how fast $BTC can achieve these goals. #bitcoin $BTCUSD $ETH $ETHUSD #ビットコイン #биткойн #比特币 https://t.co/v6x4Ka23L7 pic.twitter.com/nKoEV8440X
— CryptoHamster (@CryptoHamsterIO) July 28, 2022But the potential for BTC to fully recover from its ongoing bearish slumber appears weak for at least three main reasons.
Bitcoin Bulls Have Been Duped BeforeBitcoin set its all-time high of $69,000 in November 2022. Since then, the cryptocurrency has declined over 60% while experiencing several mini-pumps along the way.
On the daily chart, Bitcoin has rebounded at least five times since November 2021, securing gains of 23% to 40% each time. However, ...
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