Bitcoin Price Analysis: Bull Trap Threatens BTC Holders For Upcoming Correction
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Brian Bollinger The Bitcoin price has rebounded from its $21500 support during the recent recovery in crypto market. This post-correction recovery shows that coin buyers are able to sustain higher levels and market sentiment is shifting away from selling on rallies to purchasing on dips. However, the high supply pressure around $24260 to $22160 limits Bitcoin’s potential growthadvertisementKey Points: The Bitcoin price rejection from the $24452 resistance hints at an upcoming correction.
Bitcoin could fall 5.5% if the selling pressure continues, before reaching the next significant support.
Bitcoin’s intraday trading volume is $15.1 billion, which indicates a 13% loss.
Source-TradingviewAfter the release of January CPI data on February 14th, the Bitcoin price started to witness a significant inflow. The coin price recovered from the $21500 support level and surged 12.75% higher, breaking the last swing high resistance at $23825. However, the daily candle had closed at $23825 by the end of the day. The long-wick rejection of $24450 to $25000 indicates that the selling pressure is still in place. Trending StoriesThe coin price collapse from $23825 indicates that the previous breakout was a bull trap. Today’s Bitcoin price trades at 23807, with an intraday gain 1.23%. If the prices fall below $23825, then the coin holders could experience another correction phase. Also read: CRYPTO TELEGRAM CHANNELS LISTED 2023A potential fall in the coin price could cause it to drop by 5.5% to retest $22500 support. advertisementBollinger band: The coin price wobbling between the neutral line and upper band in the indicator reflects the buyers possessing an upper hand.Bitcoin Price Intraday LevelsSpot rate: 23767
Resistance levels: $23825 and $25455
Support levels: $22500 and $251500
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