{"id":122864,"date":"2023-07-15T13:20:39","date_gmt":"2023-07-15T13:20:39","guid":{"rendered":"https:\/\/dripp.zone\/news\/bull-traps-put-btc-price-at-risk-of-prolonged-correction-crypto-news\/"},"modified":"2023-07-15T13:20:42","modified_gmt":"2023-07-15T13:20:42","slug":"bull-traps-put-btc-price-at-risk-of-prolonged-correction-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bull-traps-put-btc-price-at-risk-of-prolonged-correction-crypto-news\/","title":{"rendered":"Bull Traps Put $BTC Price at Risk of Prolonged Correction\n &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div id=\"post-154330\">\n<p><!--\n     \n\n<div class=\"marketThumbs\">\n             <noscript><img loading=\"lazy\" width=\"1200\" height=\"681\" src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/07\/15181529\/KGNoAVWp-e1689425157975.png\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Bitcoin Price Analysis\" decoding=\"async\" srcset=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/07\/15181529\/KGNoAVWp-e1689425157975.png 1200w, https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/07\/15181529\/KGNoAVWp-e1689425157975-300x170.png 300w, https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/07\/15181529\/KGNoAVWp-e1689425157975-768x436.png 768w, https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/07\/15181529\/KGNoAVWp-e1689425157975-150x85.png 150w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><\/noscript><\/div>\n\n\n--><\/p>\n<p class=\"MarketsUp f-14 d-block\">Published 21 minutes ago  <\/p>\n<div class=\"Atcs\">\n<p><span style=\"font-weight: 400;\">Affected by the massive growth of the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/xrp-price-shoots-60-in-hours-with-huge-whale-activity-fomo-kicking-in\/\">5th largest cryptocurrency XRP<\/a>, the leading coin Bitcoin witnessed intense buying pressure on July 13th.  With a strong bullish candle, the buyers breached the range resistance of $31500, luring awaited buyers for the potential of uptrend continuation.  However, the buyers could sustain higher prices which lead to a massive red undermining the bullish thesis.  What&#8217;s next?<\/span><\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.72.1 --><\/p>\n<p>Also Read: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/bitcoin-btc-set-for-35000-ethereum-eth-above-2000-as-us-cpi-inflation-falls\/\">Bitcoin (BTC) Set For $35000, Ethereum (ETH) Above $2000 As US CPI Inflation Falls<\/a><\/p>\n<h2><strong>Bitcoin Price Daily Chart<\/strong><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The $31500 level persists as a strong resistance zone for the BTC price.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The 20-day EMA dynamic support maintains a high momentum recovery<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The intraday trading volume in Bitcoin is $17.3 Billion, indicating a 34% loss.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\" http:=\"\" alt=\"Bitcoin Price Analysis\" width=\"1946\" height=\"1104\" data-lazy-src=\"https:\/\/s3.tradingview.com\/snapshots\/k\/KGNoAVWp.png\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"https:\/\/s3.tradingview.com\/snapshots\/k\/KGNoAVWp.png\" alt=\"Bitcoin Price Analysis\" width=\"1946\" height=\"1104\"\/><\/noscript>Source-<\/span><span style=\"font-weight: 400;\">tradingview<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On July 14th, the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/price\/bitcoin\/\">bitcoin price<\/a> projected a long red candle that engulfed the buyer&#8217;s candle used to break the $13500 barrier.  The sellers&#8217; candles destroyed buyers&#8217; weapons of breakout indicating a scenario of a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/education\/what-is-bull-trap-in-crypto\/\">bull trap<\/a> which may flood more supply pressure as hasty buyers may get liquidated. <\/span><\/p>\n<blockquote>\n<p><span style=\"font-weight: 400;\">Thus, the coin price reenters the range boundaries stretched from $31500 to $29630.  The Bitcoin price currently trades at $30461, but with sustained selling it could plunge 2.75% to reach $29630 support.<\/span><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400;\">The price behavior at the aforementioned support would be crucial to check whether the prevailing recovery is intact, or whether BTC could witness a longer correction to $28460.<\/span><\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.72.1 --><\/p>\n<h2><b>When BTC Price Can Escape the Sideways Trend?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The fake breakout from $31500 accentuated this level as a high supply zone.  On the other hand, if the BTC price showed sustainability above $29630 in the coming days, the coin holders could witness a prolonged sideways trend.  Therefore, a genuine breakout from either of the range patterns is needed to determine the near future trend for Bitcoin.<\/span><\/p>\n<ul>\n<li><b>Bollinger Bands: <\/b><span style=\"font-weight: 400;\">The upper and lower band of the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/education\/bollinger-band\/\">BB indicator<\/a> Aligned with range levels gives extra weightage to them.<\/span><\/li>\n<li><b>Moving Average Convergence Divergence: <\/b><span style=\"font-weight: 400;\">The <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/glossary\/macd-moving-average-convergence-divergnece\/\">MACD indicator<\/a> The slope in a negative crossover state indicates the sellers are actively influencing the Bitcoin price.<\/span><\/li>\n<\/ul><\/div>\n<div class=\"TabDicA\">\n<div class=\"TBAcon \">\n<div class=\"authorFlip tabcS\" id=\"TabA154330\">\n<div class=\"authorBox\">\n<div class=\"author_Name\">\n<!--\n                                      \n\n<div class=\"getAuthoname\">\n                                          \n                                                                                 \n                                       <\/div>\n\n \n--><\/p>\n<p>From the past 5 years I am working in Journalism.  I follow the Blockchain &#038; Cryptocurrency from last 3 years.  I have written on a variety of different topics including fashion, beauty, entertainment, and finance.  Reach out to me at brian(at)coingape.com                         <\/p>\n<\/p><\/div>\n<div class=\"author_Image\">\n                                             <img loading=\"lazy\" alt=\"\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\" http:=\"\" data-lazy-srcset=\"https:\/\/secure.gravatar.com\/avatar\/97819e56237550ccb85011dd23b241ea?s=400&#038;d=mm&#038;r=g 2x\" class=\"avatar avatar-200 photo\" height=\"200\" width=\"200\" decoding=\"async\" data-lazy-src=\"https:\/\/secure.gravatar.com\/avatar\/97819e56237550ccb85011dd23b241ea?s=200&#038;d=mm&#038;r=g\"\/><noscript><img loading=\"lazy\" alt=\"\" src=\"https:\/\/secure.gravatar.com\/avatar\/97819e56237550ccb85011dd23b241ea?s=200&#038;d=mm&#038;r=g\" srcset=\"https:\/\/secure.gravatar.com\/avatar\/97819e56237550ccb85011dd23b241ea?s=400&#038;d=mm&#038;r=g 2x\" class=\"avatar avatar-200 photo\" height=\"200\" width=\"200\" decoding=\"async\"\/><\/noscript>                                       <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"TabDesCm tabcS\" id=\"TabD154330\">\n<p>    The content presented may include the personal opinion of the author and is subject to market conditions.  Do your market research before investing in cryptocurrencies.  The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n<p>     <!--           <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/category\/price-analysis\/\" class=\"closeArticle2 close-btn\">Close Story<\/a>--><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Published 21 minutes ago Affected by the massive growth of the 5th largest cryptocurrency XRP, the leading coin Bitcoin witnessed intense buying pressure on July 13th. With a strong bullish candle, the buyers breached the range resistance of $31500, luring awaited buyers for the potential of uptrend continuation. However, the buyers could sustain higher prices [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":122865,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[188,183,185,186,187,184,189,150,182,190],"class_list":["post-122864","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-blockchain-tech","tag-blockchain-technology","tag-crypto-technology","tag-cryptocurrency-technology","tag-metaverse-technology","tag-nft-technology","tag-soul-bound-token","tag-tech","tag-technology","tag-token-technology"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/122864","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=122864"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/122864\/revisions"}],"predecessor-version":[{"id":122866,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/122864\/revisions\/122866"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/122865"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=122864"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=122864"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=122864"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}