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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

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

Samuel Edyme
Samuel Edyme
1 year ago
3 mins read
Bitcoin Traders Beware

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In a recent episode of Crypto Banter’s “The Sniper Trading Show,” the analyst dissected 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 getting “cold feet”—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.

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Is Bitcoin Setting a Trap?

The analyst pointed to critical resistance levels at $65,000 and $70,000, cautioning that the market could see a bounce back or bull traps 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 strong as support has now become 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 supports 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.

Bitcoin (BTC) price chart on TradingView
BTC price is moving downwards on the 2-hour chart. Source: BTC/USDT on TradingView.com

Outlook On Altcoin

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 reveal 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.

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Legendary Trader Peter Brandt Says Bitcoin Could Crash To $44,000, Here’s Why

1 year ago

In contrast, CryptoQuant CEO Ki Young Ju offered a more subdued viewpoint 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.

The market is absorbing all #Bitcoin sales nicely. Demand is strong.

— Samson Mow (@Excellion) July 9, 2024

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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