Is it the beginning of a new bull market cycle or just a bull trap? It appears that technical analysts and industry observers are not sure either.
Bitcoin prices have pushed higher over the weekend, continuing the rally that began with the new year. The asset has now notched up a 45% gain since its cycle low of $15,665 on November 22.still showing strength. A bull trap is a trend reversal that forces market participants on the wrong side of price action to exit positions with unexpected losses.
Bitcoin markets have been down-trending since late 2021, and the asset is still 67% away from its peak. That trend could well continue into this year.Analyst and trader “il Capo Of Crypto,” said the recent market movements looked manipulated with no real demand. It is “the biggest bull trap I’ve ever seen,” he exclaimed over the weekend.
I’ve been checking charts all this time, avoiding noise from Twitter. The way the upward movement is happening, the way htf resistances are being tested… it clearly looks manipulated, no real demand.
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