Bitcoin Hodlers Will ‘Soon See Why’ $21.6K BTC Price Pump Is Fake – Trader
Bitcoin (BTC) spiked to a week-long high on July 17, amid warnings that traders should not trust current BTC price action.
Binance inflow sees multi-week high
Data from TBEN Markets Pro and TradingView showed that BTC/USD reached $21,600 on Bitstamp, its best performance since last Sunday.
The pair saw a fresh lead over the weekend, but this nevertheless came on the back of thin, retail-driven “out of hours” liquidity with institutions out of the picture.
Weekend pumps are usually not to be trusted
Let’s see how this one holds up at the weekly close tomorrow
— Rager (@Rager) July 16, 2022
Thus, with Bitcoin prone to “fake-out” moves both up and down in such conditions, there was little appetite to believe the current trajectory would hold up once the weekly close loomed.
“Don’t let CT noise change your view of how things really are,” Crypto’s popular social media account Il Capo, told followers on the day, citing Crypto Twitter stories.
“Don’t worry about this scam pump. Still completely off the market, you’ll soon see why.”
It appeared that traders were also preparing to exit the market as the major exchange Binance saw increased inflows in the 24 hours to the time of writing.
According to data still collected from the on-chain analytics platform CryptoQuant, inflows approached 17,500 BTC on July 17, the highest number in a single day since June 22.
Nevertheless, some commentators remained optimistic about the short-term outlook. TBEN contributor Michael van de Poppe, who had called for a break of $21,200 to continue the upside potential, got his wish as the market picked up overnight.
“Overall, there’s still strength and I’m assuming there’s even more upside. Crucial barrier for now; $21K,” he had explained before the move.
If TBEN reportedinclude potential upward targets at $22,000 and the 200-week moving average at approximately $22,600.
Binance’s latest order book data via analytics source Material Indicators, meanwhile, showed a new wall of buy support clustered at the $21,200 breakout point, worth about $20 million.
Weekly close keeps the diagram story flowing
On weekly timeframes, the July 17 close had the potential to be significant.
Related: Bitcoin Is Now In Its Longest ‘Extreme Fear’ Period Ever
At $21,300, Bitcoin would seal not only its second “green” weekly candle, but also its highest weekly close since early June.
Nevertheless, a matter of $500 stood between that outcome and continuation of the downtrend as the July 10 close had come in at around $20,850.
That event, popular trader and analyst Rekt Capital noted at the time, marked a lower high for the week, in addition to “falling buying volume.”
The new #BTC Weekly Close Shows Price Has Formed a New Lower High with Decreasing Volume on the Buy Side$BTC #Crypto #Bitcoin pic.twitter.com/WqrnHgMQjK
— Rekt Capital (@rektcapital) July 11, 2022
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