20 percent Bitcoin (BTC) price action could be a bull trap

While the 20 percent rise in bitcoin (BTC) price is undoubtedly impressive, there are analysts who say this may be a bull trap. According to CoinMarketCap data, Bitcoin has gained 20 percent in the last 24 hours. However, according to trader Josh Rager, the bulls still do not come out of the bear forest.

Rager announced that Bitcoin should raise the $ 6,400 level, which is considered a checkpoint. Otherwise, the cryptocurrency king can evaporate all of their recent gains. Yesterday, the bulls tried to exceed the level many times, but after the first successful attempt they were rejected.

$ BTC rejected off the point of control (highest traded volume price) – a level that we saw act as support twice before the breakdown

For me to start to feel bullish, price needs to flip at least $ 6400 on high time frames

Even then, stocks selling off is not bullish for BTC pic.twitter.com/cjrlzqztr to

– Josh Rager ? (@Josh_Rager) March 20, 2020

Can Bitcoin Rise?

Bitcoin is trading above the 200-week moving average just a few days before an important weekly close. According to the trader CryptoBirb, if the bulls manage to regain the $ 6,500 level, BTC can easily go up to $ 7,600 because there is little resistance.

$ BTC tapping ex-range lows flipped to resistance. Positive for bulls is that there is little resistance between 6.4k and 7.6k
Intraday consolidation breakout retest towards 5.4-5.6k would be the most healthy to confirm price action is slowly recovering after Friday 13th PTSD lol pic.twitter.com/6u1fuzjpu6

– Crypto₿irb (@crypto_birb) March 20, 2020

Meanwhile, SatoshiFlipper believes that BTC can rise to $ 9,000.

If I were you guys, I would be making a plan on how to play the move from $ BTC 6k to 9k.

The opportunity is knocking on your door. Take your time, scale in slow. Divide your pos size by 10 (for example) & each time buy 1/10 of your total desired pos size.

If we go down, DCA.

– Satoshi Flipper (@SatoshiFlipper) March 20, 2020