The price of Bitcoin (BTC) continues to give many the belief that the market could have hit bottom at a level of $15,700, where the price of BTC suffered much loss as price traded below its previous all-time high of $18,000 as the asset struggled to hold above this region during the collapse of FTX which saw most crypto assets suffering from its domino effect.
The price of Bitcoin (BTC) has experienced an over 14 days price surge as many traders and investors continue to speculate if this could be a bull trap or bear trap as many are still waiting for more confirmation to draw a proper conclusion on where the price of Bitcoin could be headed.
A popular crypto pundit known as il capo of crypto on Twitter insisted this could be the biggest bull trap he has witnessed, with many traders giving a counter statement that this could be the cheapest the price of Bitcoin could have gotten considering how volatile the cost can be when many investors have bought in on the asset.
The fear and greed index for BTC price continues to trend on neutral after a long downtrend in the price of BTC, leaving the sentimental tool showing fear for months as the price begins to gain more momentum.
Bitcoin (BTC) Price Analysis On The Daily (1D) Chart
The price of BRC continues to look strong on the daily timeframe as the price holds above the 50 and 200 Exponential Moving Averages (EMA). The price of $21,000 acts as a support for BTC should the price have a minor pullback to build more buy orders, as this region corresponds to the 200 EMA.
Bitcoin’s price needs to continue in its bullish fashion for the price to have a chance to rally to a high of $25,000; if the price of BTC breaks below the region of $20,000, this could spell a bull trap for major buyers holding BTC for a short time.
Image From Fibold, Chart From Tradingview