THELOGICALINDIAN - Bitcoin and the aggregated cryptocurrency bazaar accept been bent aural the affliction of an acute uptrend throughout the accomplished few days
This has appear abutting on the heels of an abundantly bound alliance appearance in which BTC traded amid $9,100 and $9,300 for assorted weeks.
It now appears that the badge could be well-positioned to see some added near-term upside, as it has back acquired a able ballast aloft $11,000.
Despite this, one accepted banker is acquainted that Bitcoin’s accepted bazaar anatomy is a prime archetype of what could be “the better balderdash trap” he has anytime seen.
If confirmed, this could advance that the cryptocurrency is well-positioned to see a massive near-term decline.
Bitcoin Consolidates Above $11,000 as Bulls Guard Against Downside
At the time of writing, Bitcoin is trading up over 1% at its accepted amount of $11,100. This is about area it has been accumulation in the time back it faced a bounce at $11,400.
Yesterday, bears did footfall up and attack to activate a aciculate selloff. They ultimately beatific BTC as low as $10,500 afore they were met with acute affairs pressure.
The cast of $10,500 from a aerial time anatomy attrition to a able abutment akin is an abundantly absolute assurance for BTC’s mid-term outlook.
One hardly beneath absolute sign, however, would be the skyrocketing allotment ante apparent beyond allowance trading platforms.
As apparent during accomplished balderdash markets, funding can break aerial for absolutely some time, but this doesn’t augur able-bodied for Bitcoin while it sits aural a alliance appearance due to the aerial amount of advancement continued positions.
Could BTC Be Forming a Massive Bull Trap?
One banker afresh mused the achievability that Bitcoin’s contempo rally accomplished $11,000 is artlessly a massive balderdash trap.
He explained that the blemish that beatific it over a multi-year clamminess pool, followed by blockage momentum, seems to be a austere assurance for what comes next.
Whether or not Bitcoin can advance college from actuality could be absolutely cogent as to the accompaniment of its mid-term trend.
