[Analysis] "Bitcoin's rebound on this day could be a trap to deceive individual investors"

Uk Jin

Summary

Bitcoin's price temporarily returned to the $87,000 level, but it was analyzed as a downtrend rather than a trend reversal.
It is trading at a level lower than the existing moving averages, requiring caution from investors.
It was reported that large investors might intentionally raise the price and sell when enough individual investors are attracted.

On this day, Bitcoin (BTC) announced its return to the $87,000 level, but opinions were raised urging caution in investment.

According to NewsBTC on the 20th (local time), cryptocurrency analyst Xanrox said, "Bitcoin is trading at a much lower level than the 20-day, 50-day, 100-day, and 200-day moving averages on a daily basis. It is also noteworthy that it is moving within a neat descending wedge structure," explaining that "this is not a trend reversal but a clear downtrend."

He continued, "The current Bitcoin price is favorable for large investors, including institutions and banks," warning that "they can intentionally raise the price to secure trading volume and then dump their holdings when enough individual investors are attracted."

BTC