The post Bitcoin Bull Trap Alert! A Massive Rejection May Be Fast Approaching! appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

Bitcoin price over the past couple of days has displayed immense strength that enabled the price to surge beyond $23,000 during the early trading hours. The asset broke out from the bearish pattern and led its way toward new highs.

Despite the present upswing, the BTC price appears to have laid down a bullish trap aiming to lock up the funds at higher rates and compel the traders to sell at loss.

One of the crypto influencers warned the crypto enthusiasts about the upcoming BTC price dump. As per the analyst, one of the biggest whales is about to dump his holdings as the platform has witnessed a major selling in the past couple of hours.

One of the biggest #Bitcoin whales is rushing to dump their BTC.

A record $361,686,300 has been sold today, and I expect much more to be sold off very soon.

This bull trap is exit liquidity for whales. Don’t say I didn’t warn you.

Sub $10K WILL happen. pic.twitter.com/ihT5txkzNZ

— CryptoWhale (@CryptoWhale) July 19, 2022

Therefore, the analyst believes that the current upswing may be just another bull trap set out by whales and predicts the price to drop to $10,000 in the coming days. However, as reported by Coinpedia earlier, the Bitcoin price may drop heavily after undergoing a massive rejection, the recent sell-off supports the claim.

While, despite multiple trap warnings, the Bitcoin(BTC) price is displaying acute strength as it just crossed 200-day MA which is considered the biggest milestone. On the other hand, the price of BTC is right up against the realized price indicating a good sign. Additionally, the fear & greed index is slowly rising indicating the resurgence of bulls ahead.