‘This may be the Last Bull Trap Above $40K’ Says an Analyst, Has the Bearish Trap for Bitcoin(BTC) Price Strengthened?

The post ‘This may be the Last Bull Trap Above $40K’ Says an Analyst, Has the Bearish Trap for Bitcoin(BTC) Price Strengthened? appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

Bitcoin yet again faked out a jump beyond $40,000, but this one was very quick. The BTC price consolidated hard and raised slowly to achieve the level around $39,700. Further, the asset just faked yet another pullback and surged by more than 6% to hit $41,700. However, the very next hour, the price dropped back to almost the same levels and now swinging much below $40,000 levels. 

As per the data from Coinglass, more than $50 million short liquidations took place in the past couple of hours. This led to the price surge massively, hitting  $41,700 levels. Further due to the long liquidations which are around $17.28 million, the price was dragged back to the same levels. 

The price change during the rise and drop is almost the same but the short and long bets differed at the extreme. It may indicate that traders are sure of the asset surging and sustaining above $41,000 and hence prefer to bet on shorts. At the same time, the Binance Perpetual platform recorded nearly 2000 BTC buys at $39K. This may be the reason for the huge BTC price swing. 

To the traders who are wondering whether, the BTC price will undergo yet another similar pump ahead, then, probably YES!! A popular analyst believes Bitcoin may yet again undergo another massive pump and this time above $42,000. But it may also be another fakeout as the price is believed to slide down back to its initial levels around $39,500.

Therefore, Bitcoin is constantly trapping the bulls above $40,000 again and again. The recent pump above the levels appears to be the last one. As it is believed that BTC price may ignite a strong downtrend. As per the popular analyst, this may be the last time the bulls may be trapped above $40,000. Maybe he meant the price may not hover above these levels for an extended period.