{"id":628714,"date":"2024-07-10T06:00:53","date_gmt":"2024-07-10T06:00:53","guid":{"rendered":"https:\/\/wncen.com\/?p=628714"},"modified":"2024-07-09T19:35:10","modified_gmt":"2024-07-09T19:35:10","slug":"bitcoin-traders-beware-analyst-warns-of-potential-traps","status":"publish","type":"post","link":"https:\/\/wncen.com\/bitcoin-news\/bitcoin-traders-beware-analyst-warns-of-potential-traps\/","title":{"rendered":"Bitcoin Traders Beware: Analyst Warns Of Potential Traps Amid Price Fluctuations"},"content":{"rendered":"<p data-id=\"2d09a449-ea07-4e16-8b1f-85ee9f14daec\" data-pm-slice=\"1 1 []\">In a recent episode of Crypto Banter&#8217;s &#8220;The Sniper Trading Show,&#8221; the analyst <a href=\"https:\/\/www.youtube.com\/watch?v=65HZzq7V0iE\" rel=\"nofollow\">dissected<\/a> Bitcoin, discussing various hurdles and approaches to handle trading through these challenges.<\/p>\n<p>With Bitcoin currently teetering around the $57,403 mark, up by 2.4% in the past 24 hours yet still down 21.9% from its March peak, the market sentiment is cautiously tinged.<\/p>\n<p>This cautious stance is echoed by the Crypto Fear and Greed Index, which the analyst shows stands at a wary 28, indicating that buyers are <a href=\"https:\/\/wncen.com\/news\/bitcoin\/peter-brandt-bitcoin-44000\/\" target=\"_blank\" rel=\"noopener \">getting &#8220;cold feet&#8221;<\/a>\u2014a sentiment that historically signals buying opportunities though with a careful approach.<\/p>\n<p>The analyst reminded the viewers to keep an eye on longer time frames, drawing from a consistent bullish stance on Bitcoin since its $10,000 valuation in 2020.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-mvrv-ratio-make-break-test-support-hold\/\" target=\"_blank\" rel=\"noopener \">Bitcoin MVRV Ratio At Make-Or-Break Test: Will Support Hold?<\/a><\/div>\n<h2>Is Bitcoin Setting a Trap?<\/h2>\n<p>The analyst pointed to critical resistance levels at $65,000 and $70,000, cautioning that the market could see a<a href=\"https:\/\/wncen.com\/bitcoin-news\/will-bitcoin-bounce-back-traders-place-their-bets\/\" target=\"_blank\" rel=\"noopener \"> bounce back<\/a> or <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-stabilizes-55k\/\" target=\"_blank\" rel=\"noopener \">bull traps<\/a> set to liquidate over-leveraged positions.<\/p>\n<p data-id=\"538c92fd-0d50-4b76-805c-eca87907a7c0\" data-pm-slice=\"1 1 []\">Throughout the conversation, the analyst then discussed Bitcoin&#8217;s current struggle to maintain support above a very important range of $60k-$61k recently\u2013 one that proved <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-mvrv-ratio-make-break-test-support-hold\/\" target=\"_blank\" rel=\"noopener \">strong as support<\/a> has now become\u00a0a formidable resistance.<\/p>\n<p>According to the analyst, this inability to break through this price range, now seen as resistance, suggests a changing market structure where previous <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-prices-must-first-breach-50000-before-rallying\/\" target=\"_blank\" rel=\"noopener \">supports <\/a>become resistant, potentially stalling further price ascents.<\/p>\n<p>The analyst discussed the possibility of Bitcoin entering a range or getting ensnared in a trap that could precipitate a flurry of liquidations, emphasizing the need for traders to be versatile and prepared for sudden market movements.<\/p>\n<figure style=\"width: 2770px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/xo9FmhkC\/\" alt=\"Bitcoin (BTC) price chart on TradingView\" width=\"2770\" height=\"1496\"><figcaption class=\"wp-caption-text\">BTC price is moving downwards on the 2-hour chart. Source: BTC\/USDT on <a href=\"https:\/\/www.tradingview.com\/chart\/HSuSIPeM\/?symbol=FX%3AEURUSD\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/figcaption><\/figure>\n<h2 data-id=\"930c1d43-36b4-4819-a2e1-9bf715583591\" data-pm-slice=\"1 1 []\">Outlook On Altcoin<\/h2>\n<p data-id=\"930c1d43-36b4-4819-a2e1-9bf715583591\" data-pm-slice=\"1 1 []\">Adding to the mix, the analyst identified that the small dip in market dominance for Bitcoin hints at a possible uplift for altcoins should the broader market sentiment pivot to bullish.<\/p>\n<p>He emphasized that this gradual change might indicate a potential upside for altcoins, consistent with prior times when Bitcoin dominance started to fall before any uptrend amongst the alternative cryptocurrencies.<\/p>\n<p>Meanwhile, recent technical analyses from prominent Analyst Ali <a href=\"https:\/\/x.com\/ali_charts\/status\/32165760\" target=\"_blank\" rel=\"noopener nofollow\">reveal<\/a> Bitcoin is inside a parallel channel on higher time frames, and TD Sequential has just presented with a buy signal hinting at a possible short-term rebound to around $58,300.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin\/peter-brandt-bitcoin-44000\/\" target=\"_blank\" rel=\"noopener \">Legendary Trader Peter Brandt Says Bitcoin Could Crash To $44,000, Here\u2019s Why<\/a><\/div>\n<p>In contrast, CryptoQuant CEO Ki Young Ju offered a more subdued <a href=\"https:\/\/x.com\/ki_young_ju\/status\/95555259\" target=\"_blank\" rel=\"noopener nofollow\">viewpoint<\/a> toward the ongoing miner capitulation, suggesting that the market might lack excitement for the next few months. He advised maintaining a long-term bullish outlook but cautioned against taking excessive risks during this period.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">The market is absorbing all <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">#Bitcoin<\/a> sales nicely. Demand is strong.<\/p>\n<p>\u2014 Samson Mow (@Excellion) <a href=\"https:\/\/twitter.com\/Excellion\/status\/91880680?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">July 9, 2024<\/a><\/p><\/blockquote>\n<p>Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a recent episode of Crypto Banter&#8217;s &#8220;The Sniper Trading Show,&#8221; the analyst dissected Bitcoin, discussing various hurdles and approaches to handle trading through these challenges. With Bitcoin currently teetering around the $57,403 mark, up by 2.4% in the past 24 hours yet still down 21.9% from its March peak, the market sentiment is cautiously tinged. This cautious stance is echoed by the Crypto Fear and Greed Index, which the analyst shows stands at a wary 28, indicating that buyers are getting &#8220;cold feet&#8221;\u2014a sentiment that historically signals buying opportunities though with a careful approach. The analyst reminded the viewers to keep an eye on longer time frames, drawing from a consistent bullish stance on Bitcoin since its $10,000 valuation in 2020. Related Reading: Bitcoin MVRV Ratio At Make-Or-Break Test: Will Support Hold? Is Bitcoin Setting a Trap? The analyst pointed to critical resistance levels at $65,000 and $70,000, cautioning that the market could see a bounce back or bull traps set to liquidate over-leveraged positions. Throughout the conversation, the analyst then discussed Bitcoin&#8217;s current struggle to maintain support above a very important range of $60k-$61k recently\u2013 one that proved strong as support has now become\u00a0a formidable resistance. According to the analyst, this inability to break through this price range, now seen as resistance, suggests a changing market structure where previous supports become resistant, potentially stalling further price ascents. The analyst discussed the possibility of Bitcoin entering a range or getting ensnared in a trap that could precipitate a flurry of liquidations, emphasizing the need for traders to be versatile and prepared for sudden market movements. Outlook On Altcoin Adding to the mix, the analyst identified that the small dip in market dominance for Bitcoin hints at a possible uplift for altcoins should the broader market sentiment pivot to bullish. He emphasized that this gradual change might indicate a potential upside for altcoins, consistent with prior times when Bitcoin dominance started to fall before any uptrend amongst the alternative cryptocurrencies. Meanwhile, recent technical analyses from prominent Analyst Ali reveal Bitcoin is inside a parallel channel on higher time frames, and TD Sequential has just presented with a buy signal hinting at a possible short-term rebound to around $58,300. Related Reading: Legendary Trader Peter Brandt Says Bitcoin Could Crash To $44,000, Here\u2019s Why In contrast, CryptoQuant CEO Ki Young Ju offered a more subdued viewpoint toward the ongoing miner capitulation, suggesting that the market might lack excitement for the next few months. He advised maintaining a long-term bullish outlook but cautioned against taking excessive risks during this period. The market is absorbing all #Bitcoin sales nicely. Demand is strong. \u2014 Samson Mow (@Excellion) July 9, 2024 Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":628719,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,441,629,678,1119,78790,6664,10923],"class_list":["post-628714","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-market","tag-bitcoin-prediction","tag-btc","tag-btcusdt","tag-crypto","tag-crypto-market"],"acf":[],"yoast_head":"\n<title>Bitcoin Traders Beware: Analyst Warns Of Potential Traps Amid Price Fluctuations<\/title>\n<meta name=\"description\" content=\"In a recent episode of Crypto Banter&#039;s &quot;The Sniper Trading Show,&quot; analysts dissected Bitcoin, talking 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/wncen.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Traders Beware: Analyst Warns Of Potential Traps Amid Price Fluctuations","url":"http:\/\/wncen.com\/bitcoin-news\/bitcoin-traders-beware-analyst-warns-of-potential-traps\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/bitcoin-news\/bitcoin-traders-beware-analyst-warns-of-potential-traps\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/DALL\u00b7E-2024-07-09-19.19.22-Create-a-featured-image-for-an-article-titled-Bitcoin-Traders-Beware_-Analyst-Warns-Of-Potential-Traps-Amid-Price-Fluctuations.-Show-the-Bitcoin-BT.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/DALL\u00b7E-2024-07-09-19.19.22-Create-a-featured-image-for-an-article-titled-Bitcoin-Traders-Beware_-Analyst-Warns-Of-Potential-Traps-Amid-Price-Fluctuations.-Show-the-Bitcoin-BT.jpg?fit=1024%2C1024"},"articleSection":"Bitcoin News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin analysis","bitcoin market","bitcoin prediction","btc","btcusdt","crypto","crypto market"],"dateCreated":"2024-07-10T06:00:53Z","datePublished":"2024-07-10T06:00:53Z","dateModified":"2024-07-10T06:00:53Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Traders Beware: Analyst Warns Of Potential Traps Amid Price Fluctuations\",\"url\":\"http:\\\/\\\/wncen.com\\\/bitcoin-news\\\/bitcoin-traders-beware-analyst-warns-of-potential-traps\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/bitcoin-news\\\/bitcoin-traders-beware-analyst-warns-of-potential-traps\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/DALL\\u00b7E-2024-07-09-19.19.22-Create-a-featured-image-for-an-article-titled-Bitcoin-Traders-Beware_-Analyst-Warns-Of-Potential-Traps-Amid-Price-Fluctuations.-Show-the-Bitcoin-BT.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/DALL\\u00b7E-2024-07-09-19.19.22-Create-a-featured-image-for-an-article-titled-Bitcoin-Traders-Beware_-Analyst-Warns-Of-Potential-Traps-Amid-Price-Fluctuations.-Show-the-Bitcoin-BT.jpg?fit=1024%2C1024\"},\"articleSection\":\"Bitcoin News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin analysis\",\"bitcoin market\",\"bitcoin prediction\",\"btc\",\"btcusdt\",\"crypto\",\"crypto market\"],\"dateCreated\":\"2024-07-10T06:00:53Z\",\"datePublished\":\"2024-07-10T06:00:53Z\",\"dateModified\":\"2024-07-10T06:00:53Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/DALL\u00b7E-2024-07-09-19.19.22-Create-a-featured-image-for-an-article-titled-Bitcoin-Traders-Beware_-Analyst-Warns-Of-Potential-Traps-Amid-Price-Fluctuations.-Show-the-Bitcoin-BT.jpg?fit=1024%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/628714"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=628714"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/628714\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/628719"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=628714"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=628714"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=628714"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}