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Bitcoin Price Recovers Above $58K: Bear Trap Confirmed?
The post Bitcoin Price Recovers Above $58K: Bear Trap Confirmed? appeared on BitcoinEthereumNews.com. Bitcoin’s price is back above $58K, registering an increase of around 3% in the past 4 hours alone. As CryptoPotato reported earlier today, the market had shed some $100 billion off its total market capitalization as the BTC price dropped to a monthly low of under $56,000. Most of the altcoins followed suit, trading deep into red territory. ETH plunged to $2,400, while BNB bears were able to push the price toward $510. Fortunately, the bulls woke up and are now erasing much of the gains. At the time of this writing, BTC trades at $58,400 and most of the losses from the drop earlier are gone. Source: TradingView Data from Coinglass reveals that this volatility has resulted in almost $200 million worth of liquidations in the past 24 hours. Some analysts have noted that the drop from earlier may have been a trap for sellers looking to further capitalize on the decline. Bitcoin is back above 58k. Today’s drop may have been a bear trap. pic.twitter.com/MxdfOofC6E — Duo Nine ⚡ YCC (@DU09BTC) September 4, 2024 Meanwhile, data from IntoTheBlock reveals that there has been a substantial number of buyers at the range between $61,700 and $70,500, who are currently sitting at a loss. According to analysts from the data firm, whenever a large number of traders are at a loss, regardless of the range, BTC will be facing consistent selling pressure as the price approaches these levels. SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details). LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free! Source: https://cryptopotato.com/bitcoin-price-recovers-above-58k-bear-trap-confirmed/
The post Bitcoin Price Recovers Above $58K: Bear Trap Confirmed? appeared on BitcoinEthereumNews.com.
Bitcoin’s price is back above $58K, registering an increase of around 3% in the past 4 hours alone. As CryptoPotato reported earlier today, the market had shed some $100 billion off its total market capitalization as the BTC price dropped to a monthly low of under $56,000. Most of the altcoins followed suit, trading deep into red territory. ETH plunged to $2,400, while BNB bears were able to push the price toward $510. Fortunately, the bulls woke up and are now erasing much of the gains. At the time of this writing, BTC trades at $58,400 and most of the losses from the drop earlier are gone. Source: TradingView Data from Coinglass reveals that this volatility has resulted in almost $200 million worth of liquidations in the past 24 hours. Some analysts have noted that the drop from earlier may have been a trap for sellers looking to further capitalize on the decline. Bitcoin is back above 58k. Today’s drop may have been a bear trap. pic.twitter.com/MxdfOofC6E — Duo Nine ⚡ YCC (@DU09BTC) September 4, 2024 Meanwhile, data from IntoTheBlock reveals that there has been a substantial number of buyers at the range between $61,700 and $70,500, who are currently sitting at a loss. According to analysts from the data firm, whenever a large number of traders are at a loss, regardless of the range, BTC will be facing consistent selling pressure as the price approaches these levels. SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details). LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free! Source: https://cryptopotato.com/bitcoin-price-recovers-above-58k-bear-trap-confirmed/
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