Greetings to all traders,

BTC experienced a decline following the approval of the Hong Kong ETF, with its value reaching a low of 56500. Presently, BTC is gradually ascending, aiming to surpass the 60K mark once more.

However, despite this recovery, it's essential to maintain a cautious stance. Analyzing both the 12-hour and daily charts reveals a persistent bearish momentum. The initial resistance for BTC lies at approximately 59.5K, followed by a secondary resistance at 60.7K. Unless BTC can conclusively close a 12-hour candle above 60.5K, the bearish sentiment persists.

Amidst discussions of an impending bullish surge in May, it's imperative to exercise skepticism. Market dynamics are influenced by myriad factors, including the actions of whales and the dissemination of insider information. The widespread anticipation of a bullish run raises questions about its feasibility. Will whales allow such an opportunity to materialize without interference?

Considering the possibility of market manipulation, there's a risk of falling into a bull trap. It's conceivable that BTC may momentarily surge to 61K or even 62K, enticing traders to commit fully, only to encounter a significant downturn thereafter.

While the future trajectory of BTC remains uncertain, it's prudent to remain vigilant and avoid succumbing to excessive optimism. By maintaining a balanced approach and monitoring market dynamics closely, traders can navigate potential pitfalls effectively.

For further insights and updates, feel free to follow for more detailed analysis. Wishing everyone success and prosperity in their trading endeavors in 2024.