Is the weakness of Bitcoin after the ‘Elon Musk pump’ hinting at a bull trap?

The cost of Bitcoin (BTC) is showing overall weak point as it struggles to develop $34,000 as an assistance level. Overall, BTC appears to be stagnating without signs of a short-term relief rally, leading traders to be cautious.One worrying pattern is that the volume of Bitcoin has been stagnating along with its cost, apart from the “Elon pump” on Jan. 29. If Bitcoin breaks out of it with strength, momentum, and high volume, then the likelihood of a short-term trend turnaround rises.However, if Bitcoin struggles to retest the $34,500 resistance level and continues to stagnate in the $33,000 region, the risk of a more breakdown to the $33,000 assistance remains.Crypto Fear and Green Index (78 or “extreme greed”).

The rate of Bitcoin (BTC) is revealing general weak point as it struggles to establish $34,000 as a support level. Overall, BTC appears to be stagnating without indications of a short-term relief rally, leading traders to be cautious.One worrying trend is that the volume of Bitcoin has been stagnating along with its cost, apart from the “Elon pump” on Jan. 29.” Bitcoin cost chart with TWAP level. If Bitcoin breaks out of it with strength, momentum, and high volume, then the possibility of a short-term trend turnaround rises.However, if Bitcoin struggles to retest the $34,500 resistance level and continues to stagnate in the $33,000 region, the threat of a further breakdown to the $33,000 assistance remains.Crypto Fear and Green Index (78 or “severe greed”).

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Jeannine Cruz

Jeannine Cruz– Earnings I am known as Jeannine Cruz, I am a writer and an industrialist by profession. My age is 32 years. My aim is to gather the attention of the targeted audience without being boring and unexciting. I like to utilize the free time in writing my views and thoughts for my book lovers or readers. My most preferred articles are usually about finance and business; however, I have written various topics in my articles. I do not have a specific genre. I get very creative when I have to express myself, I often sing, write or draw to portray my feelings. When it comes to my free time or you can say ‘ME-TIME’, I love to play with my cat, sleep an extra hour, or play my favorite video games.

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