Bitcoin Surges Past $64K as Warning Signs Mount: Is This a Bull Trap?
After several days of trading mostly sideways, or even charting new losses, bitcoin’s price finally headed in the opposite direction at the start of the new business week, topping $64,500 for the first time in 7-8 days.
However, this rather minor rally has been jeopardized long before it had the opportunity to grow into something more spectacular, as the selling pressure has mounted on several fronts. There’s also a dark horse outside the on-chain data, showing another threat.
Bull Trap in the Making?
Starting with miners, popular analyst Ali Martinez outlined the growing concern within the community about the increasing selling pressure. The backbone of the Bitcoin network has been taking profits lately as BTC rose to $64,600 earlier. Data from CryptoQuant shows that they have disposed of 1,648 BTC over the past ten days or so, which, according to the analyst, adds “roughly $106 million in potential selling pressure.”
Second, he listed the spot Bitcoin ETFs. As recently reported, investors gaining exposure to BTC through these financial vehicles withdrew almost $400 million worth of the cryptocurrency last week, in stark contrast to the over $850 million in net inflows the previous week.
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