The post Bitcoin Bull Trap or Actual Rally? What’s Next For BTC Price appeared first on Coinpedia Fintech News
Bitcoin’s (BTC) price has pumped over 22 percent in the past five days to trade around $24,513 on Tuesday. By now, it is safe to assume that the recent pump is a result of the Fed pivot on Signature Bank and Silicon Valley Bank.
Moreover, the Fed has eased its fight against inflation by bolstering systemic bank failures over the past weekend. The Biden administration has blamed the Trump administration for unwinding banking regulations that prevented the 2008 financial crisis.
Nonetheless, the recent bank rescue by the Biden administration has been viewed as a free advertisement on Bitcoin and other top digital assets. Moreover, self-custody through Bitcoin was not compromised during the recent banking crisis. As such, cryptocurrency exchange Binance announced the conversion of its $1 billion Industry Recovery Initiative funds from BUSD to Bitcoin, Ethereum, and BNB.
Bitcoin Price Analysis
According to Jason Pizzino, a veteran cryptocurrency and stock market macro trader, the recent 20 percent pump on Bitcoin is a positive outlook for the bulls. Pizzino told over 282k YouTube subscribers that Bitcoin’s logarithmic downtrend could be invalidated soon if Bitcoin price breaks above $25k.
The analyst indicated that the upcoming CPI data and next week’s FOMC statement on interest rates from the Fed would significantly impact the next Bitcoin outlook.
Having bounced from the logarithmic downtrend, Pizzino indicated that Bitcoin price is well bolstered to rally further due to increased short squeeze and crypto market liquidations.
However, the analyst warned that the recent pump could be a bear trap similar to the 2014 logarithmic downtrend when the Bitcoin price falsely broke out only to be trapped in a 365 days bear market.
Moreover, Bitcoin greed has been on the rise in recent weeks which could spark a fresh capitulation of the crypto market.
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