Bull Trap? Bitcoin Price Slides Below $7K Despite Strong Indicators
Bitcoin dropped below $7,000 a few minutes before press time, in a move that warrants caution as a possible bull trap. The leading cryptocurrency closed yesterday (as per UTC) above the trendline sloping downwards from the March 5 high and May 5 high, seemingly confirming a long-term bearish-to-bullish trend change. However, the follow-through has been disappointing. As of writing, BTC is changing hands at $6,965 on Bitfinex – down 3.5 percent on a 24-hour basis.