‘Definitely not bullish’ — 7% Bitcoin price gains fail to convince traders
Bitcoin (BTC) may have erased its Binance “FUD” losses, but popular traders are anything but bullish.
Despite gaining up to 7.5% versus its March 28 lows, BTC/USD is causing more suspicion than excitement with its return to local highs.
In a move that echoes its reactions to previous news events, such as the Silicon Valley Bank demise, Bitcoin has recovered snap losses in record time.
On March 29, BTC price action hit $28,650 on Bitstamp — just $200 off new nine-month highs.
Unlike before, however, the mood among market participants is distinctly risk-off under current conditions.
Among them is popular trader Muro, who argued that the bounce came courtesy of large-volume traders and was nothing more than a product of their strategies.
“The big guys basically brought price back to their recent short entry (red) by taking profit,” he commented alongside a chart of BTC/USDT perpetual futures.
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Others looked to longer timeframes to make the case for Bitcoin at least taking a breather in its current trading range.
Historically, the area around $28,000 has been the most active in terms of volume, and attempts to flip it from resistance to support thus require exceptional strength.
“What is more important, the local weekly breakout of a multi-month range, or the retest of the most significant supply zone in the last 2 years while we face all kinds of headwinds?” trader and analyst Cantering Clark argued.
Fellow trader and analyst Josh Rager agreed, adding a BTC/USD chart showing the significance of the range.
BTC/USD, meanwhile, traded at $28,300 at the time of writing, according to data from Cointelegraph Markets Pro and TradingView.
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