Is the $76000 Bitcoin Resistance a Bull Trap?

I came across something saying this might be a bull trap. What do you guys think? Is it really a bull trap? So, Bitcoin jumped from around $70600 yesterday to over $76000 today, but then it dropped back to $74000 after hitting that high. I still believe if Bitcoin does drop, there’s support sitting at $70000, so I don’t think we’ll see it go below that anytime soon. Things definitely look bullish, but I’m not convinced this is a full-on bull run yet. Feels more like a slight bull run, which is pretty common during a bear market. I remember seeing something similar before, and while the bull market seems to be getting closer, the monthly chart suggests Bitcoin could hit $86000, but hey, who really knows?

Well, everything could be a bull trap if you're too glued to the price and trading it full time. More like some pullbacks that is healthy and nothing fancy on it I guess, I've said it before we will gonna see some kind of moves like this before the market gives us some clear direction. This pump isn't far from the ATL we got this year compare to the ATH we've got around $120k, this could be a bull trap or simply just forming for accumulation, if only we chop between $70k and $80k range.

If you read too much online, you will likely get confused, as there are too many commentators, predictors and analysts. I don't read them twice due to my vast experience in trading, which is the best. Since March, I've been warning people of a potential bullish reversal, which is what's happy now. The market will not do anything without warning, it's left to us to pay attention to the warning. Bitcoin has been battling with the Monthly EMA50 support for weeks, and the current happening around it shows that it has defeated the level, especially with the prevailing bullish price action on the chart. This can only suggest a persistent long-term growth, and unless stated otherwise, I won't fall for any trap scare.

I don’t think Bitcoin is ready for a new bull run. I wouldn’t exactly call it a bull trap, but even if it somehow breaks above $76,000, I don’t think the price will stay there. I think the most sensible thing to do is to open the Bitcoin chart and analyze it yourself. Thousands of posts on social media can really mess with your head, and there are countless ways to interpret a chart. So, just do whatever makes sense to you. I also hold some Bitcoin, but I don’t sell even when I think the price is going to drop.

I don't see any bull traps here; $76k was the previous price in March 17. The price was recently retested and failed, resulting in a drop to $74k. We can only call it a bull trap if the price breaks through the resistance level at $76k, and if it reaches $77k and then crashes. For now, no bull traps here unless the price goes beyond $76k it could be a bull trap or uptrend continues. The current price action remains uptrend, and the support zone is $70k. The market may shift once the price breaks the $70k level again.

It's not a bull trap and nobody should get excited because the bull run is still far. If you look at the current price of bitcoin, it has dipped to $73,935 as I'm writing this post. Investors are still concerned in taking profits whenever, the price moves up a bit which is why we see the price dipping like this. Let's not take everything we see online seriously because no one knows what will be the bottom line price.

My earlier stand on Bitcoin is that the bull run will not come price going below $60k, a move a consider as the source of liquidity for the bull run. I have not changed this opinion despite the significant gains the market have recorded of recent which has kept it at the upper part of the range it has been in since late last year. Therefore,  I agree with this topic that what we are see now may be a bull trap and that the market will continue the correction till a later time before it rises when it is ready. Those who have not met their Bitcoin portfolio target now have a golden opportunity with the market for aggressive discounted accumulation.

Could be a bull trap and this gets alarming when people start to be so positive about it. There are no bloods in the street and so they come out. But when the market isn't like this, we get a bunch of fear and people starts to play safe. We still have to wait if the ceiling for this bear market could reach $80k or more. That's actually the point, no one knows the bottom and everyone is speculating and in a guessing game. And we'll not know if this is a bull trap or not.

It could be considered a bull trap only for those that are in for the short term profits maximization, they become over excited after seeing Bitcoin breaking a resistance level, they are quick to conclude that the bull market is back and they dive in following market sentiments and news all over the social media only to see the market coming down again, though it can be too early to call this a bull trap because while typing the price is at $74k which is not so bad, the price may end up going up and not come down anywhere close to $60k any time soon.

Could be but even with that , we’ve been in an uptrend since the Dip from February 4 which created a bottom on the 6 of same February..  The latest top created a double top which indicates active sellers and if you trace it back to February 4 it’s around the same region. FMV, I think there could be another pull back but it won’t be a long one unless we are in for the second leg Dip I could be wrong at the same time because the market is showing a potential upside movement at the moment.

I also feel it is a bull trap and bitcoin is not yet ready for a bullish push into the right zone  to make a new all time high. The market was just trying to show to how far the strength can actually gets to put the market on a bullish state. Until Bitcoin gets to at least 90-100K can it be convincing enough that the market is changing trend and we’re headed towards the bull market. I feel the market still has to face more consolidation and drop in price before we see a significant move of the bulls to take over the price in the market.

Is normal to see increasing speculation when the market performance changes in a rapidly and increasing ways, Bitcoin have been facing alot of resistance at various brake out level, check how slow Bitcoin price movement when it recovers from $65,000 to $70,000k+ and now the price touched 76k which is a significant recovery that can call for much speculation as regards the next price direction.

The patter of bitcoin when raising up to higher in last several time likely could be bull trap after bitcoin on the higher price today until $76k, looks not longer moment bitcoin have been drop indeed not significant but would be stable or significant down as usual patter of bitcoin. Current bitcoin price still around $74,800 and I think not really dump significant from the higher price today but believing has chance recovery to hit new higher price. If not any bad news maybe bitcoin hit higher price and too close to break out $80k and excited for the holder if bitcoin can break after long moment at lower price.

Let's follow Bitcoin movement and speculate on it possible move or direction from here, because I doubt that after Bitcoin hit 60k which is its lowest level since we hit the bear market and after a relief rally to $76k and later came back down to $64k and now has rallied back to $76k, that 76k for Bitcoin, is a bull trap zone, but to me a major resistance, will come around 81k, BTC is Preparing for a break out of $76k soon in my opinion.

I don't know if I will call it bull trap or just a surge. But It is normal to see Bitcoin expirence surge even on bear season but that doesn't mean we are already in Bull season. It can only be a trap to those who have little knowledge about the market. After they might feel excited and think the market is already bullish and they invest and hoping it will go more higher, only to see it going or retracting back to it resistance level. For sure we will keep seeing it go up and down and warming up for the bill proper. Even if there will be a support, We might not be sure of $70k it might go below to $68k and $69, although it is not certain since no one is sure but I believe it will not be far from this 3 Prices.

It was a normal pump, I don't see anything like a bull trap here. If you analyze the price of Bitcoin more, you will see something like that. But it must be admitted that Bitcoin is slowly moving upwards. If you say that Bitcoin is going to go into a long bull run very soon, I can't believe it. Our expectation is definitely towards a bull run, but the probability of it happening very soon is very low. Although I have no trading knowledge, I am somewhat familiar with the movements of Bitcoin.

Well, if ever $76,000 is a bull trap this time, I believe it's still safe as long as we do not fall below $70,000 this month. Actually, this pump above $70,000 after we have always been going upside down in the range of $60,000 is already a bullish sign for the short-mid term. This is just what we need to monitor; we don't need to get excited. $100,000 is in line as long as we stay above the $70,000+ level this time.

There should be a large volume to drive the price of BTC higher. I'm not sure there is supporting evidence for how much went in, so the price could move higher. This would be a big indicator if there's little volume, that it could be a trap. After a while, it will move to accumulation and then hope that there will be enough volume to push through that resistance.

That could be bull trap which will trap traders buying in a high price. That happens to traders who don't analyze before buying so always make sure you do that. Meanwhile, the increasing already reached but after this correction, the price might get another increasing as the line still show the possibility to going high and the correction already happens after the high price reached. But I am not if this could be another bullish and only thinks that this could be a stabilize the price and gets to the high price. But the increasing yesterday gives more chances to traders to make a profit. They still wait for the low price to buy and hodl.

Most likely this is a good trap as we have suddenly seen $76,000 we should not be moved by this and think that we are already in for the bull, the market may decided to change at any time or we see it going towards $80,000 and maintain at the same range, sometimes the market cannot be predictable because we are still much more into the bear market, while we have to wait for the next season in order to see much of the bull coming to be, but I also don't see it as a fake out in other way round, but the range is only trying to resettle down to $80,000.