RATE Group | Bitcoin Price Intraday Analysis: BTC/USD Confirms Bull Trap
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Bitcoin Price Intraday Analysis: BTC/USD Confirms Bull Trap

10 Oct Bitcoin Price Intraday Analysis: BTC/USD Confirms Bull Trap

Posted at 00:19h in Bitcoin News by

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Bitcoin price

The Bitcoin-to-dollar exchange rate on Tuesday dropped 1.69 percent from 6734-fiat to 6620-fiat after confirming a bull trap.

The current market volume is lower than expected to excite a steady upside – even downside. In our previous analysis, we had stated that a breakout would be confirmed once we climb over September 5 high. BTC/USD managed to test the level in yesterday’s upside action but didn’t see as many open long positions as closed ones. That said, 6734-fiat is already a level to watch out for to confirm a short-term break towards September high.

Bitcoin, meanwhile, seems to have found a bottom as predicted by the many institutional investors last week. The lack of a substantial volume upside is matched equally by an absence of bears. So far, the market has seen big players hinting their long positions by entering somewhere above the $6,000-mark. Incidentally, the level signifies a breakeven return of investment for miners, a network of machines running the…

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