BITCOIN - BTC/USD - A bullish trap for Bitcoin buyers - 08/22/2024 (GMT)

Bitcoin might be completing a bullish trap. After making a spike and testing the area above 61000, it seems to not be able to keep current levels.

According to on-chain metrics, the participation of short-term buyers is not enough currently, and the market is dominated by LTHs (long-term holders), who usually accumulate positions buying the dips rather than boosting the momentum.

So, if BTC fails to continue going up soon, it may discourage buyers, and the market may need to find a new buying wave at 55000-56000 area (or below).

Fiat markets:

The US dollar is under pressure, but it might reverse, as bond traders have accumulated huge leveraged bets ahead of September's meeting of the Federal Reserve.
If it goes up, it will hammer Bitcoin and stocks to new lows.

DYOR and manage your risk at all times!

#BTC