Bitcoin Post Below $70K Reveals Bull Trap, Will BTC Price Fall to $65K? appeared first on Coinpedia Fintech News
After a massive 7.73% overnight rally, Bitcoin price shows buyers are exhausted to maintain the trend. BTC price fell 1.7% last night and is starting the Asian trading hours with a bearish bias.
Trading below $70K, buyers are taking heat from overhead supply as the bull trap becomes apparent. Will the short-term correction start a bearish avalanche that will cause BTC price to slide below the $65K mark? Or is this just a retest before a surge to a new all-time high?
Check out our detailed price analysis for a clearer view of BTC price trends. Furthermore, you can check out our Bitcoin price prediction to find out the chances of Bitcoin reaching the $100,000 milestone this year.
BTC price performance
Nearing an all-time high, BTC price failed to sustain gains above $71K, resulting in a 24-hour turnaround. Bitcoin fell 1.77% and retested the 23.60% Fibonacci level at $68,823 with a lower price rejection.
Transaction view
The rejection of lower prices reinforces the bullish view and the reversal follows a retest to resume the current trend. Furthermore, the flag pattern's bullish breakout signals a leap beyond the all-time high at $73,794.
However, upon closer inspection, the $71,400 level is now rejecting a third attempt at a price increase. Therefore, the high supply zone is visible and warns of a price drop.