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BITCOIN PRICE PUMPS 20%, ARE BULLS RUNNING INTO A TRAP?
With the BTC price registering gains of over 20% in the last 24 hours, many holders are getting excited.
But, it seems that the jury is still out on just how positive this latest pump is.
Could the bulls be running into a trap?
Bitcoin analysts can’t agree on whether this latest pump will keep seeing BTC price soar.
Some seasoned traders are celebrating Bitcoin’s decoupling from the stock market while others are calling for caution.
Indeed, throughout its 11-year trajectory, bitcoin price has widely been regarded as uncorrelated with the stock market.
We’re all well-versed in the safe haven narrative and comparing bitcoin to gold.
As stock markets plunge, Bitcoin has often held its own or even swung to the upside.
However, just days ago, that narrative appeared to have been called sharply into check.
The cryptocurrency market experienced a major sell-off alongside the S&P 500.
While there is a generally positive vibe in the air (at last), some traders are calling for caution.
After all, we’ve been burned before. This could be another liquidity grab before the next major downswing.
That said, many seem to be in agreement that the key support level bitcoin price needed to flip was $6400.
Both Josh Rager and CryptoBirb cited the $6,400 level as crucial.
CryptoBirb even went as far as to predict that bitcoin price could bounce all the way back to $7,600 as there is “little resistance between 6.4k and 7.6k.”
Rager also points out though, that even breaking $6.4k, stocks selling off is not bullish for BTC. Coinbase also warns that if the S&P 500 correlation sustains again in the future, “Bitcoin will enter uncharted territory.”
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.