Bitcoin hints at a “bull trap”, here’s what it means for traders

, especially over the past week. Meanwhile, the higher timeframes showed BTC in the grip of bearish momentum. Traders could look to profit from a drop in prices next week.The range extended from $26.1k to $27.5k. Over the past few days, BTC managed to bounce from mid-point support at $26.8k. The 4-hour market structure was bearish, and the RSI showed momentum was neutral.

The findings from the OBV were more impactful. When Bitcoin surged above $28k, the OBV was unable to breach a resistance level from earlier in May. This suggested that demand was not sufficient to force a breakout. Bitcoin was forced to reverse thereafter. With the daily timeframe showing momentum was downward, traders can be bearishly biased. Monday could see a liquidity hunt toward $28k or above for BTC.

This would likely be followed by a reversal if the lack of demand continued. Meanwhile, a true breakout was also possible, one that bears should be cautious of. Therefore, the stop-loss can be set near the $28.5k mark, above recent highs.The spot CVD was in a sharp decline toward the end of May. This trend continued over the past few days as well, although its pace slowed down. Overall, it continued to show selling pressure was dominant.

They could be enticed into entering long positions on BTC if it breaks $28k. But, if the sellers prevailed thereafter, these late bulls would be a juicy target for the bears.

Coin Coin Latest News, Coin Coin Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

These Bitcoin metrics signal potential bull run as…Amidst the wild price swings, Bitcoin's Realized Cap finds stability, hinting at a potential bull run. Miners profit as price falters in recent trades.
Source: CryptoAmb - 🏆 22. / 68 Read more »

How Bitcoin Inscriptions drove transaction volumes, fees on networkAs Inscriptions surge on the Bitcoin network, generating substantial volumes and fees, miners reap the benefits.
Source: CryptoAmb - 🏆 22. / 68 Read more »

How traders can take advantage of Bitcoin’s latest sell-offBitcoin witnessed this year's 5th largest sell off recently, with the majority of the contribution coming from Coinbase. Market indicators looked bearish as well.
Source: CryptoAmb - 🏆 22. / 68 Read more »

Bitcoin June 2 daily chart alert - Bulls, bears struggle for control
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »

Despite Bitcoin’s hurdles, positive signs emergeDespite a persistent psychological hurdle, Bitcoin finds support in key regions, aligning with the consensus among long-term and short-term holders. Profitability exceeds 30%.
Source: CryptoAmb - 🏆 22. / 68 Read more »

Bitcoin: New holdings spike; good news ahead?There was a noticeable transfer of Bitcoin from experienced holders to newer participants, suggestive of bullish market trends.
Source: CryptoAmb - 🏆 22. / 68 Read more »