RATE Group | Bitcoin Leaps to Retest $7,000 But Risks a Major Bull Trap: Here’s Why
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Bitcoin Leaps to Retest $7,000 But Risks a Major Bull Trap: Here’s Why

02 Apr Bitcoin Leaps to Retest $7,000 But Risks a Major Bull Trap: Here’s Why

Posted at 13:04h in Bitcoin News by

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Bitcoin prices jumped overnight to retest $7,000 but risked falling into a bull trap as no sound catalyst justified its pump.

The benchmark cryptocurrency rose 9.67 percent in just four hours to $6,767 per token midnight Thursday. The move uphill injected about $7 billion into the bitcoin’s market cap, which topped near $121.97 billion ahead of the European morning session. Later into the day, the price pulled back by up to 2.3 percent.

bitcoin, cryptocurrency, btcusd, coronavirus

BTCUSD heads above $6,500-resistance to test $7,000 as its next upside target | Source: TradingView.com, Coinbase

The price jump – nevertheless – saw bitcoin breaking above a near-term support/resistance level near $6,500. That confirmed the cryptocurrency’s inclination to retest $7,000, a level it has attempted but failed to break since its pullback from the year-to-date low of $3,858 in March.

Offloading Bitcoin Risks

Bitcoin’s inability to pierce above the $7,000 price ceiling shows traders’ interim profit-taking behavior in a macro risky…

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