Bitcoin Gets Warnings from Bull Trap after Shoots over $18k Handle




Digital asset markets have recovered some losses that happened three days ago, as a large bulk of the crypto market has begun to bounce after the market loss. Bitcoin has risen over the $18k Handle again, and the scores of crypto assets are between 1-6%. These changes occur since the previous day.

After falling to a level of $16,300 per coin, bitcoin (BTC) has reflected 11.3%. Today, the price stands at this point at $18,138 per coin. BTC is up 33% even for the last month, 54% over the previous three months, and 139% against USD in the prior year.

On this Sunday, November 29, 2020, the whole crypto-economy hovered nearby $526.5 billion. Today, there is about $30.50 billion in global trade volume. The highest cryptocurrency increases were obtained by zap (ZAP) that is up 71% in one day. The most significant losses today arise from Carvertical (CV), down over 59%.

The second leading market cap maintained by Ethereum (ETH) is up 5.17%; however, ETH is still down a bit less than 1% for the last eight days. ETH is trading for $555 per ether and continues at a market valuation of $63 billion.

Bitcoin cash (BCH) continues the fifth leading market cap under the Stablecoin tether (USDT). It is now trading for $281 per coin. BCH is still down somehow through the past one day but is up 7.5% for the week. The market valuation of bitcoin cash (BCH) is about $5.23 billion on this Sunday.

“BTC has returned to its ATH levels, but the notable thing is the valuation of the altcoins that are on average still 50% under their ATHs,” Nicholas Pelecanos, the Head of Trading at NEM, stated.

He further added, “Some altcoins describe plans that are not working now, yet other plans have noticed a great improvement on adoption as well as tech. For me, taking these low-value altcoins is the trade to be made now.”

Other critics believe that the market for bitcoin (BTC) and additional crypto assets arise from Millennials. It also stems from the Gen Z generation.

The Director of Sales at Coinsource, Derek Muhney, stated:

“The regular rise in the value of Bitcoin this year has not only maintained but also accelerated, during periods of political and economic change. Entirely, the world is seeing outside the conventional standards for how and where they handle their economics.”

Lomahcrypto tweeted on Twitter to his followers, “I like to be bullish so bad.” “Please BTC just close above $17,400 or dump to $15,800. Moreover, Binance Futures ALTs that were market leaders with a better performance seems to be heavy at times. “I must agree it appears to be trash,” response of another trader.

In the meantime, even though BTC run 15% in value the next day. After that, many traders expected the crypto asset to glide much more than that, as it has seen glides much larger in the previous years.

 This has caused uncertainty among traders and analysts, as some believe that the price will drop again, but many enthusiasts still wholeheartedly believe BTC is once again targeting the 2017 all-time high.

About the author, Awais Rasheed

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