The short-lived crypto rally, according to some analysts, might have been a clever trap to tempt traders in. Bitcoin price is now redirected to the negative territory.
Bitcoin price has broken the ascending trend channel, prompting a 25% profit rally since July 13. A breaking news coverage was issued on July 21 to warn traders of the trend failure. The original peer-to-peer cryptocurrency produced the anticipated retest and rejection signal from the ascending channel on July 23 and has since lost 10% of its market value.
Bitcoin price currently trades at $20,706 as the bears suppress the digital crypto in a free-fall fashion. Although July provided knife-catching opportunities in the crypto market to make a profit, the decline in BTC price should not be looked at through the same optimistic lens. In layman’s terms, smart money has invalidated the bullish short-term count. BTC price targets $17,000 and potentially $16,200.
Ethereum price showed bearish signals just before the New York session ended on Friday, July 22. The Relative Strength Index also shows subtle bearish divergence near the current $1,580 price level, which warrants the idea of a possible liquidation hunt.<\/p>\n","protected":false},"excerpt":{"rendered":"
The short-lived crypto rally, according to some analysts, might have been a clever trap to tempt traders in. Bitcoin price is now redirected to the negative territory.Bitcoin price has broken the ascending trend channel, prompting a 25% profit rally since July 13. A breaking news coverage was issued on July 21 to warn traders of …<\/p>\n","protected":false},"author":13,"featured_media":31837,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[40,36],"tags":[6904,6903,6905],"class_list":["post-69060","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-cryptocurrencies","category-market-updates","tag-bitcoin","tag-cryptocurrencies","tag-ethereum"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/69060","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=69060"}],"version-history":[{"count":3,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/69060\/revisions"}],"predecessor-version":[{"id":69065,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/69060\/revisions\/69065"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/31837"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=69060"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=69060"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=69060"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}