Bitcoin hodlers will 'soon see why' $21.6K BTC price pump is fake — trader

cointelegraph.com:

Bitcoin (BTC) spiked to one-week highs on July 17 amid warnings that traders should not trust current BTC price action.

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching $21,600 on Bitstamp, its best performance since last Sunday. 

The pair saw a fresh leg up during the weekend, this nonetheless coming on the back of thin, retail-driven "out-of-hours" liquidity with institutions out of the picture.

Weekend pumps typically are not to be trusted Let's see how this one holds going into the weekly close tomorrow

With Bitcoin prone to "fakeout" moves both up and down in such conditions, there was thus little appetite to believe that current trajectory would endure as the weekly close loomed.

"Don't let CT noise change your vision of how things really are," popular social media account, Il Capo of Crypto, told followers on the day, referencing Crypto Twitter narratives.

Also preparing to exit the market, it appeared, were traders, as major exchange Binance saw heightened inflows in the 24 hours to the time of writing.

According to data still being compiled from on-chain analytics platform CryptoQuant, on July 17, inflows neared 17,500 BTC, the most on a single day since June 22.

Nonetheless, some commentators remained upbeat on the short-term outlook. Cointelegraph contributor Michaël van de Poppe, who had called for $21,200 to break for upside to continue, got his wish as the market picked up overnight.

"Overall, strength is still there and I'm assuming further upside is happening. Crucial barrier for now; $21K," he had explained prior to the move. 

As Cointelegraph reported, potential upside targets included $22,000 and the 200-week moving average at around $22,600.

The latest order book data from Binance via