Bitcoin Traders Beware: Analyst Warns Of Potential Traps Amid Price Fluctuations
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On Crypto Banter's 'The Sniper Trading Show,' an analyst cautioned Bitcoin traders about potential traps amid recent price fluctuations. Bitcoin's price hovers around $57,403, up 2.4% in the past 24 hours but down 21.9% from its March peak. The Crypto Fear and Greed Index stands at a wary 28, signaling cautious buyer sentiment. The analyst advises watching longer time frames and critical resistance levels at $65,000 and $70,000, suggesting these could trigger bull traps to liquidate over-leveraged positions. Bitcoin's struggle to break the $60k-$61k resistance range is noted as a significant barrier. The analyst also mentions a potential uplift for altcoins should Bitcoin dominance dip further. Technical analyses hint at a possible short-term rebound to $58,300, while a contrasting opinion from CryptoQuant's CEO suggests market excitement might wane in the coming months but advises maintaining a long-term bullish outlook.
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