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?
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