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2024/07/14 13:11
Bitcoin traders eye bear trap as BTC price hits 10
Amid uncharacteristically strong performance for a weekend, traders looked to the weekly close and start of legacy market trading for proof that the rally had legs.
“$60,500 reclaim would be awesome to see today for the bulls. Real sign of strength if we get it,” popular trader Crypto Tony argued in a post on X.
Trader and analyst Rekt Capital placed importance on the same area as BTC/USD fought to maintain a post-halvingTrader and analyst Rekt Capital placed importance on the same area as BTC/USD fought to maintain a post-halving “reaccumulation range” now under threat.
“Bitcoin is less than -1.5% away from positioning itself for an all-important reclaim of $60,600 as support,” he wrote overnight.
With price now up 5% versus the July 12 close, a significant “gap” in CME Group Bitcoin futures lay potentially waiting to be filled.
For popular trader Daan Crypto Trades, however, there was a chance of a different outcome — a bear trap.
“Still a weekend move, but if there’s ever a place to just run away with it and keep a lot of market participants sidelined, I couldn’t think of a much better spot to do so,” part of his latest X content stated.
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