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 last low of $15,665 on November 2022.
But many of the crypto pundits believe its recent surge could be short-lived, however, there are mounting fears of a bull trap despite the rally 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.
There are many sentiments on Twitter about the recent bitcoin pricing, Crypto analyst and trader "il Capo Of Crypto" said the market movements looked like 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.— il Capo Of Crypto (@CryptoCapo_) January 21, 2023
Once again, the biggest bull trap I've ever seen. But they won't trap me.
Cryptocurrency martket analysis platform with the handle name Incomesharks also feels it is a bull trap
Bitcoin was trading at $22,787 at the time of writing according to data from CoinMarketCap. On Jan. 23, it hit an intraday high of $23,262 which is its highest price level since August.