A possible bear trap was more than just a rumor in the Bitcoin and altcoin news yesterday. It seems like everyone was scared that Bitcoin is going below $10,000 which is why the market reignited and allowed BTC and many altcoins to post new gains.
Speaking of, the position of Bitcoin (BTC) has not been that stable in the past week. However, the dominant cryptocurrency is apparently ready to tackle $11,000 once again on July 16 (today) after bouncing off the lows.
The possible bear trap was also avoided by the US Treasury Secretary Steven Mnuchin and his speech in which he addressed President Trump’s concerns on crypto. This speech stabilized a lot of things in the industry and showed signs of broad relief about future policies. Despite the mixed signals on Bitcoin, the concerns about Trump banning crypto and Bitcoin in the US are not an option right now.
Instead, analysts look for signs on how the possible bear trap can be avoided. While this is happening, the coming altcoin news show gains in the likes of 1% to 3% on most of the top 10 altcoins, all while Bitcoin is growing with 3% daily.
Many best cryptocurrency news sites show that Bitcoin could upend its latest bearish moves. According to Josh Rager who is a prominent investor and trader and a regular commenter on the BTC/USD pair, the bullish perspective should take over once Bitcoin crosses the $11,153 mark. Conversely, a close below $10,191 would constitute a possible bear trap. The gap between the two numbers is seen as a “natural” zone for BTC and altcoins. Rager’s prediction charts were featured on many sites.
Another fellow regular contributor with a Twitter handle Filb Filb said that there is caution right now and a possible bear trap despite the fact that Bitcoin is growing. The analyst previously warned that lower lows were imminent in the face of a further nudge, telling his Telegram followers:
“I would like to see us bounce at $10,600 as a good sign that the bulls want to go higher should it come that low. Despite my bearish opening thoughts today, I need more convincing that the bulls aren’t done yet and this was not another bear trap.”
Do you think that a possible bear trap is on the horizon – or that Bitcoin has the potential to go over $14,000 by the end of this month?
For more updates on the BTC price, keep following our latest cryptocurrency news!
Bitcoin Breaks 5-Day Long Trend Reaching $9,800 Support Level
Many Buyers Lined Up For The Four-Figure BTC: But Where Is Bitcoin Heading?
“We have been forming an ascending bullish triangle, and also and inverse HS Pattern, which very soon will make $BTC go up. The purpose with this move is to kill some shorts, before we go down again. Remember that we are in a huge descending triangle," said the user D4rkEnergY on Twitter.https://twitter.com/D4rkEnergYYY/status/1164769200902033408 For now, the highs are creeping up and there are many buyers lined up - so a move to the next resistance level around $10,400 is crucial at this point. On the downside, there is clear support at around $9,800 and more in the mid-$9k region which has been hard to crack in the recent weeks. Analysts in the coming altcoin news warn users that nobody should panic now - even though the fear and greed index fell to 5 yesterday (which was lower than the 2018 bottom in mid-December when BTC was at $3,200). The famous crypto pundit and web security mogul John McAfee also had his say while many buyers lined up to buy BTC. McAfee remains resolute and agrees that the current level of fear is unnecessary. He wrote:
“Bitcoin jitters? Just stop it! Short term fluctuations are meaningless. Bitcoin is still up almost 300% from 6 month’s ago. Everytime there’s a dip I have to calm people in replies, DMs, etc. GET A GRIP! You know in your heart Bitcoin cannot lose. Relax!”https://twitter.com/officialmcafee/status/1164491430091513856
Another Exchange Says Goodbye To The Cryptocurrency Operations
"The Company has been considering for various possibility of the customers who has not accepted the contract succession, however, we announce here that the Company has came up to the conclusion to discontinue our cryptocurrency exchange business once we complete the refunds for all customers who possess remaining balance which refunds can be made," Tech Bureau said, without providing more information about the date when it will be closing.The latest cryptocurrency news show that the FSA recently confirmed that Zaif is another exchange which is forced to close because of hacks. Nikkei says that Tech Bureau will now focus on "blockchain development." Meanwhile, another exchange in South Korea - and a member of the "big four" there - named Coinone is shutting down its Malta-based Coinone Global Exchange (CGEX) on September 18. This comes in less than a year after it opened, and the operator said that it had "decided" that it “could no longer maintain service."
Binance Thinks Funds Are ‘SAFU’ Following Amazon Web Services Withdrawal Error
“It's causing some 500 error messages on APIs and affecting some withdrawal processing.”Binance thinks funds are safe - but it just recovered from a publicity scarce which involved a self-proclaimed hacker alleging that he had access to the users Know Your Customer (KYC) data. The alleged data leak made Binance very insecure and many best cryptocurrency news sites also talked about the previous hack which was funds worth $41 million leaving the platform due to a security issue. All of this sparked a weeklong maintenance shutdown and payouts to the affected users. However, Binance thinks that it is in a good place now - right after it announced that it is working on a new cryptocurrency project named Venus. As the altcoin news showed, Venus is going to rival Facebook and its controversial Libra coin. Meanwhile, the market has stabilized from the yesterday drop and is at a combined total value of $265 billion at press time. Bitcoin is trading at $10,160 and most of the altcoins are recording gains of 1% to 2%. Bitcoin's dominance is still strong, standing at 68.4%.
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