Bitcoin (BTC) Prices Priming Up To Fall Again, A Major Bull Trap Is Emerging

  • Bitcoin prices might fall against the market odds in upcoming days.
  • Bitcoin already acquired the flat trend and start facing resistance from the above level.

Bitcoin took a sudden jump in the prices and no one is able to justify this pump of bulls which is indicating that this sudden boom is nothing more than just a pump and dump.

In the past month, no such positive incident occurred which we can be justified in the crypto market’s favor or even global market. The outbreak of COVID-19 is so hazardous for the market that it leads to one of the major downfall in the market along with the collapsed oil deal between Russia and Saudi Arabia.

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According to the recent statement of the United Nations, The Global economy is about to drop by 1% due to the Corona outbreak. Investors are afraid of making any kind of investment any aspect of the market that’s why BTC bulls sudden rise is very suspicious and for experts, it’s an indication of pump and dump.

Volatility Index

bitcoin 1

Bitcoin’s Volatility Index is clearly indicating that prices are exposed to heavy variations. ┬áThere is an increase of 3.04 in the last month which is clearly indicating that prices are more venerable at this phase of the market.

There was a major bearish moment in the market but suddenly bulls emerge and overnight prices took a nasty jump without any justification doesn’t make sense for crypto analysts.

Fear And Greed Index

FEar and greed

Fear and Greed index is at the mark of 14 means there is extreme fear. This index represents the nature of investors regarding the market. Currently, as per the indicator, there is an extreme fear in the market which means that investors are lacking in making investments plus they are also more concerned about liquefying their investments. Such conditions can only lead towards the downfall of prices but Bitcoin’s prices are making their move in a completely different direction, as per they are going against the market flow.

So the conclusion is BTC’s current rise is nothing more than just a pump and dump and all the factors are supporting it.

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Ayush Malviya
Ayush Malviya has recently joined as a technical market reporter for Thecoinrepublic- the Leading cryptocurrency news site. He believes that there is a broad scope in Crypto market and blockchain. Thats why he loves to gather knowledge about it and like to analyse the market pattern.

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