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May 18, 2024
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Attention Traders: This Could Be Yet Another Bitcoin ‘Fake’ Breakout!

The post Attention Traders: This Could Be Yet Another Bitcoin ‘Fake’ Breakout! appeared first on Coinpedia Fintech News

The crypto markets are soaring, with the capitalization gaining above $1.3 trillion after the recent upswing. This propelled the Bitcoin price beyond yearly highs but refrained from marking the level at $36,000. With a massive rise in trading volume of over 62%, investors have become more optimistic about the impending rally. However, a hidden divergence is also flashing that could eventually trigger a pullback in the coming days.

The BTC price has displayed an iconic rally since the start of the final quarter of the year, with the bulls playing on the front foot. The bears appear to have remained inactive, but on the other hand, they could be waiting for the right time to trigger their action. The star crypto, Bitcoin, after a prolonged consolidation between $34,000 and $34,750, broke above $35,000 and also showed a bullish pattern. Hence, it flashed a massive bullish signal.

The BTC price was trading in an ascending triangle until the recent bullish push that compelled the price to soar above the resistance. Besides, the rejection just below $36,000 signifies the presence of bears here. Moreover, the volume since the jump has been plunging, which indicates the shift in focus of the investors away from the token. This could lead to a minor pullback back below $35,000 as the RSI is negative with the DMI also flashing bearish signals.

The Bitcoin price is currently trading within a decisive phase, and if it fails to hold the levels at $35,100, which is the triangle high, a potential fakeout may occur. Therefore, the BTC price is believed to drop back to the resistance turned to the support zone between $33,900 and $34,700 and compel it to consolidate for a while. After the bulls gain some strength, a similar breakout could appear, while the volume and volatility may remain a huge matter of concern.

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