Analysts warn of an inevitable pullback. Bitcoin broke the 24K barrier, but even if the bulls are back these days, the wider view shows this is a lower high in a bear trend.
shows that a midday rally by Bitcoin bulls managed to lift the top crypto to a daily high of $24,281, which sparked a new round of bullish proclamations on Crypto Twitter., several analysts are warning traders to not get too far ahead of themselves because the market is still providing some red flags worth taking note of.
Data from Jarvis Labs also showed that larger entities have yet to return to active buying, and the chart below shows the change in BTC whale holdings."We want to see this pattern of colored dots begin moving up and to the right. If we get it, then that’ll be a positive sign that any rally could have significant momentum behind it."
The turnaround in sentiment over the past week was acknowledged by market analyst and swing trader il Capo of Crypto, who noted that the “Low timeframe trend is bullish, no doubt about it.”the following chart warning that the “high timeframe trend is still bearish and this is another lower high.”“Ltf [low time frame] bearish confirmation is below $22K. Main target remains $15.8K-$16.2K.”
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