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- Bitcoin is currently on a recovery path, which tracks to analysts’ prediction that the price decline over the last two days has been more of a bear trap.
- Crypto analyst Orson Fawley elaborates more on this in his analysis and shows that the BTC price remains inherently bullish given its recent movements.
- Bitcoin’s recovery is strong and the buying pressure continues, indicating a positive future outlook for the cryptocurrency.
Bitcoin’s recovery path aligns with analysts’ predictions of a bear trap, with sustained buying pressure indicating a bullish future for the cryptocurrency.
Bitcoin Recovery Is Strong
Fawley took to the TradingView website to share his analysis on Bitcoin, covering its surge from last weekend through to the price decline on Monday. The crypto analyst pointed out that with the weekend surge that began on Friday, Bitcoin was able to form a wide-ranging bullish D1 candlestick close to its high. This indicates that the price was being pushed up due to strong and sustained BTC buying pressure.
Understanding Bear Traps
Bear traps are crashes in price after a period of price recovery that makes investors believe that the price has peaked. This draws in more bears who continue to short the price, thinking it will keep falling, but eventually, the price resumes its upward trajectory. Since the BTC price decline has been identified as a bear trap, it means that the cryptocurrency’s price is expected to continue its climb toward its all-time highs.
BTC Buying Pressure Continues
Fawley also analyzed the Bitcoin price going forward, using the 4-hour chart as the point of focus. In this chart, the crypto analyst confirmed that BTC had formed a V-shaped pattern as a result of the strong buying pressure from the bottom of the dip. He also points out that the coin had broken above its downward trend line resistance. This comes as the Bitcoin price is forming an accumulation zone around its recent high, which has been around $64,000.
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Conclusion
Presently, the BTC price is still holding above $64,000 after a sharp surge in the early hours of Tuesday. Its daily volume has also risen 45%, lending credence to Fawley’s analysis that buying pressure remains strong. “The false break creating a bear trap on Friday and sustaining through Saturday and Sunday shows Bitcoin D1 is strengthening,” Fawley states.
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