After a rejection at the mid-range of its current levels, Bitcoin sits at $44,066 with a 5% loss in the past 24 hours. The first cryptocurrency by market still has profits in higher timeframes, but in the short term, it seems at risk of another correction. As trader Bob Loukas claimed via his Twitter account, Bitcoin is approaching a “Bull trap target”. Over the past two weeks, BTC’s price moved relatively quickly from the low $30,000s after trading at that level since the market made a 50% correction during May 2021. Thus, the Fear and Greed Index flipped positive for the first time in that period, as investors expected further gains while Bitcoin moved into the low $40,000s. Although the recent rally has shown conviction, Loukas hasn’t ruled a full reversal in the downside trend experienced since May. The trade made the following recommendation: Don’t get me wrong, very encouraging cycle developments here. But it’s not complete trend reversal confirmation yet. Having a plan is not weakness. When we get clean confirmation of a new uptrend, then your mindset on allocation can be skewed accordingly. The current selling pressure leading to losses in the daily might have come from the mining sector. Data from ByteTree records an increase in the BTC supply sold by miners over the past 24 hours, for the first time in weeks, this metric has surpassed the amount of BTC produced during the same period. As seen below, miner...
