Bitcoin Breaks $72,000, But Trader Warns Bears Could Strike Back
Portfolio Pulse from Khyathi Dalal
Bitcoin recently broke the $72,000 mark, but analyst CrediBULL Crypto warns that this may not indicate a sustained bullish trend due to the move being driven by high leveraged longs. The analyst suggests caution, as breaking key price levels without impulsive action may not be a true bullish signal.
October 30, 2024 | 4:50 pm
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Bitcoin's recent break above $72,000 is seen as potentially misleading by analyst CrediBULL Crypto, who notes the move was driven by high leveraged longs, suggesting it may not be a true bullish signal.
The analyst highlights that the recent price movement was driven by high leveraged longs, which can lead to volatility and may not indicate a sustained bullish trend. This suggests a neutral short-term impact as the market may correct or stabilize.
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