Bitcoin is approaching $64,000, a precursor to a bull market or a reappearance of a bear trap?
Recently, Bitcoin has quietly approached the key price of $62,000. Although the technical side is still weak, it has triggered widespread discussion in the market: Does this indicate the start of a new round of bull market, or is it another "lure more" trap?
Looking back at history, Bitcoin also experienced a similar consolidation period in 2023, but then suffered a sharp drop. The current trend is similar to it. However, it is worth noting that on-chain data shows that miners are not in a hurry to sell Bitcoin, and long-term holders are also holding on, which reflects their optimistic expectations for the future.
So, is the bull market really coming?
In this regard, we should remain cautious and avoid being swayed by market sentiment. Although the on-chain indicators reveal some bullish signals, the MACD indicator shows a bearish crossover, indicating that there may be a risk of a pullback in the short term. If Bitcoin falls below 62,000, the next important support level will be at 54,000.
In summary, Bitcoin may be brewing a larger market volatility. However, whether this "bull market" can really start depends on the results of the competition between bulls and bears. For investors, while seizing opportunities, be sure to set a stop loss point and don't be too greedy.
