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July 20, 2022

Bitcoin (BTC) Dump Triggers Bull Trap Warning

Price rises of Bitcoin have exceeded 7% in the past day and close to 20% in the previous seven days. The current price of Bitcoin (BTC) is $23.4K. The surge in Bitcoin’s price is seen as a bull trap rather than a breakout by many analysts.

An influential and well-known crypto investor, CryptoWhales, has pointed out that one of the largest whales is selling their BTC. There is a lot of exit liquidity, he claims, because of the recent rise in BTC prices.

BTC’s upward trend is in sync with the overall recovery in the cryptocurrency market. On the heels of the announcement of the merge date, the price of Ethereum has skyrocketed. Its current price is $1,537.65, a gain of more than 40% in the previous seven days.

There was a record $361,686,300 BTC selloff by whales, according to CryptoWhales. The BTC price is expected to drop to $10K, according to him, and he predicts additional dumps.

il Capo Of Crypto, another well-known crypto investor, and influencer highlighted that although the short-term trend for Bitcoin is optimistic, the long-term tendency is gloomy. Regardless of what he says, he cautions that $15,8K to 16,2K is still the primary goal. The negative divergences in the market have been repeatedly recited by him.

As a BTC holder since 2014, Profit Blue is confident in his pessimistic outlook. He sees the market as a well-executed bull trap.

BTC has demonstrated strength despite the experts’ bull trap warnings. Significantly, Bitcoin (BTC) just passed the 200-weekly moving average.

A well-known Bitcoin expert, Willy Woo, has disclosed that the current BTC price is quite close to the Realized Price. As a symbol of resistance, it’s traditionally been a positive one.

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FEAR rather than EXTREME FEAR has suddenly climbed to the top of Bitcoin’s index of “Fear and Greed.”