CandleFocus

Bitcoin “bull-trap” alert: Is the path to $100,000 still open for BTC?

Author: Content Editor
Bitcoin briefly surpassed the $70,000 resistance level but quickly retreated, suggesting a potential "bull-trap" pattern. Analysts point to the failed breakout and candlestick patterns as signs of a reversal and bearish outlook. Technical indicators also show weakening momentum. Factors such as a strong U.S. dollar, approaching U.S. elections, and altcoin selling pressure have contributed to the bearish sentiment. However, lower interest rates and institutional demand could potentially revive bullish momentum. For Bitcoin to regain a bullish trajectory, it would need to break and hold above the $70,000 resistance. Some analyses suggest that Bitcoin could still reach $100,000, assuming favorable market conditions. Caution is advised in the short term, but the path to $100,000 remains open with potential downside risks and the possibility of a renewed rally.

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