BTC Nears Strength Phase but Traders Warn of a Possible Trap
Bitcoin is attempting a strength phase shift, but traders are divided on whether the move signals continuation or a potential bull trap.Summary
Bitcoin (BTC) is showing signs of transitioning from a weakness phase to a strength phase, evidenced by a key structure indicator flipping bullish after BTC reclaimed $90,000. Momentum and onchain channel positioning also favor continuation, though BTC is near resistance at $96,000, making the indicator holding above zero crucial to avoid a false breakout.
Onchain data shows continued accumulation by cohort addresses reaching new highs, suggesting underlying supply absorption. However, market sentiment is split: some analysts see the consolidation as forming a durable bottom, predicting a swift move to $100,000 upon breaking $94,500. Conversely, other traders warn the rally toward $100,000 could be a trap designed to lure in late buyers before a deeper correction toward $70,000.
(Source：Cointelegraph)