Bitcoin's price break 5700 USD, is this uptrend or bulltrap?

[lupinvn]

Everyone feel happy and energetic while Bitcoin has increased to over 5.700 USD last 24 hours, look at the Bitcoin's price chart, we can see the "tripple peaks" is forming (1D).
To the uptrend idea, there are many good news for Bitcoin and cryptocurrency recently. Many investors have started to consider carefully about this digital asset (CFTC Chair Giancarlo Expects ‘Explosive’ Spike in Crypto Interest). Furthermore, this is the first time in the last 5 months BTC's price over 5,700 USD, so we have can think about good future.
On the other hand, If we look at the 1D chart again, there are some chances that the price has just formed the tripple peaks model, so the price gonna down to lower than before it rise. Moreover, recent IEO platforms have showed their failures, investors consider cryptocurrency as a scam platform so that they will withdraw their money for investing in other field.
Actually, this is just my personal view. Please share your opinion and we will discuss about it.

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[AjithBtc]

The market growth happening at present is a perfect uptrend, because the market got impacted when there arise an issue with Bitfinex covered a $850 million loss with tether funds. The market crashed reaching $5200 and stayed around $5285 by the weekend. Now the market has taken a forward price push reaching $5800+ without getting impacted of several negative things that have been taking place.

[thesmallgod]

Its wind of change which we are all been waiting for. For a long time now people have started giving up on bitcoin but let us hope this price will consistently bring about a uniform rise in other strong altcoins as well. I will like to see ETH breaking that $170 resistance and move to the next level hopefully.

[Ailmand]

The market growth happening at present is a perfect uptrend, because the market got impacted when there arise an issue with Bitfinex covered a $850 million loss with tether funds. The market crashed reaching $5200 and stayed around $5285 by the weekend. Now the market has taken a forward price push reaching $5800+ without getting impacted of several negative things that have been taking place.

Agree, this could be a possible scenario. The recent dip from 5,600$ down to $5,200 is due to the tether issue. One thing that we can be sure of, the market s getting healthier and more and more news and development are happening as time goes by

Moreover, recent IEO platforms have showed their failures, investors consider cryptocurrency as a scam platform so that they will withdraw their money for investing in other field.

Would not be shocked since IEO is not that far from ICO. What I think we really need is something that would stop teams of developers who are creating scam and useless projects that stains the whole market's credibility.

IMHO this only affects new altcoin from IEO and has little effects on established crypto already existing cryptocurrency.
A lot of investors, usually old investors are aware of this.

[Haunebu]

Its wind of change which we are all been waiting for. For a long time now people have started giving up on bitcoin but let us hope this price will consistently bring about a uniform rise in other strong altcoins as well. I will like to see ETH breaking that $170 resistance and move to the next level hopefully.

The people who gave up on BTC already left. The ones who believe in the king of the crypto market continue to trade it over the long term. This is no bull trap since I see this as perfectly organic growth spurred by positive news from every direction.

ETH will cross $170 soon and it will target $180 next.

[Wind_FURY]

OP, "uptrend or bulltrap"? That doesn't matter anymore, you know why? Because it's "buy the dip, and HODL" season!

If you were in a financial position in life which felt "unfair", it's time to work hard and save every penny you earn in Bitcoin. Get a second job if you have to.

[Japinat]

Uptrend, forget about the possibility of the bull trap because whales just encourage you not to ride to this upcoming big bull run.
$5700 in your book now, but Bitcoin reached $6,000 already in some exchanges.
If this is still a bull trap, we can accept this, what we have in mind now is to see the price to rise again as most of us get's really disappointed last year.

[Cherylstar86]

  People with positive motivation will conquer an accurate vision of bitcoin's value will exceed promisingly as what does current scenario has shown. As the market phase has started pumping up in a gradual way, it is a good sign of massive occurence of bull run will definitely lead a bountiful future. Let's just take this as a lucky uptrend that will continue to grow immensely profitable.

[Yamifoud]

I'm not seeing this as a bull trap but it is purely an uptrend motion. This is just a normal flow and I've never seen any hypes causes this to soar high.
I may be satisfied with the current price, we have that strong resistance going into $6k which I think that it can be achieved before the end of this second semester.

[The Cryptovator]

Noticed from Binance, bitcoin touched $5.9K which was very near of $6K. It's not look like bull trape because just few days ago there was another breakout. Trend is good sign for another bull run. Don't know when it will break $6K and we will be on bull. Expecting bounce from $6K zone, if in case that zone and need to be stable for few days. Then we might see repeat of last bull run. So wating for breakout $6K zone.

[gilangIDR]

This is a new level, now the price of Bitcoin continues to reach a much higher level. Indeed there will always be an increase and a decline, this will be a much better limit. So I consider this to be a very positive thing, we need a stable improvement and I am pleased that the increase that is happening at the moment is at a very stable level and is good for the endurance of the next Bitcoin price.

[Bardman]

Only an idiot would call this a bulltrap. A bulltrap is a false signal in a declining trend. Bitcoin trend was changed a month ago convincingly and with a ton of follow-through, this cannot be a bulltrap anymore by definition. This reversal is as clear as day, not only we broke the weekly downtrend (first time in 1 year and a half) but we also saw a VERY strong defense against recent FUD news about Tether which normally would crash the market.

This uptrend is real and really strong, this doesn't necessarily mean that we are going to see a bull run in the next few months, we are probably just going to keep making steady gains until the end of the year or so. Positive news could further boost the gains but another bull run is unlikely to happen this soon, mostly because people haven't forgot about the last one and will be more careful this time, at least at first, another bull run isn't impossible, that's for sure and it can happen but it will need some fast explosive moves to make it happen.

It's also clear that ICO's or IEO's really in this case have a lot of interest again, most of them are sold within minutes which is a really good sign for the whole market.

[Adriano2010]

Is not a bull trap is uptrend, even if now the price drop a bit, i think this happen maybe because of China news mining, and maybe some of miners start sell if they will be forced to stop mining, but i'm sure bitcoin will continue grow.

[kryptqnick]

The market growth happening at present is a perfect uptrend, because the market got impacted when there arise an issue with Bitfinex covered a $850 million loss with tether funds. The market crashed reaching $5200 and stayed around $5285 by the weekend. Now the market has taken a forward price push reaching $5800+ without getting impacted of several negative things that have been taking place.

The price has fallen to $5660 already. While I agree that Bitcoin is doing better than before April, I don't think it's ready for major steps yet. This price break seems like a trap. It's good if the price stabilises around $5600 for now. The $6k barrier is tough, and we need to be patient about it.
Summing up, Bitcoin is generally in the uptrend since the beginning of April, but the changes are happening slowly and are often followed by some corrections.

[arpon11]

Is not a bull trap is uptrend, even if now the price drop a bit, i think this happen maybe because of China news mining, and maybe some of miners start sell if they will be forced to stop mining, but i'm sure bitcoin will continue grow.

People and speculators must asked different questions when things are happening in the market and because of that we most understand that cryptocurrencies market is really gainning momentum and we would do ourself good if we can buy now and holds for long-term.  I have been in this market for long and gather alot of experience on it market behavior and it has been in this way when uptrend want to begin.  Traders will only make money if you can take the risk to buy when and uptrend has began like the current happening.

[Bezobraznike]

Uptrend, forget about the possibility of the bull trap because whales just encourage you not to ride to this upcoming big bull run.
$5700 in your book now, but Bitcoin reached $6,000 already in some exchanges.
If this is still a bull trap, we can accept this, what we have in mind now is to see the price to rise again as most of us get's really disappointed last year.

   Too soon too soon.
6000$ on exchangers is wonderful result, but I would not hurry to relax and say it is new bulltrap or bull run. Bitcoin may surprise us very painfully in every moment.
   Keeping to hold would be the perfect strategy for any changes of this type.

[hatshepsut93]

It's a beggining of the new bull run, things will be slow for a while, we will see more drops (even during bull run there are many dips), so regardless if this recent price rise is a bull trap or not, on a scale of months and years the price will keep growing. Things will become hard for short-term traders, because it will be very hard to time your trades correctly, everything can be either a bull or a bear trap on small scale. It's better to just buy and hodl again.

[BitHodler]

Traders will only make money if you can take the risk to buy when and uptrend has began like the current happening.

Since when do traders care much about the direction of the market? It doesn't really matter what the direction is as long as there is a decent level of volatility, and we had that for like a whole month now.

Also, the uptrend you're referring to started after the price found its bottom last year. Right now it's waiting for the price to make its first real attempt to break the $6000 mark, and from there we will figure out what the next move is.

IIRC the hyperwave squad wanted to bet 1.5BTC that the price would reach $1500 before $6500. With how the price is going up I'm sure that they are happy that no one (that I am aware of) accepted the bet.

[bitcoin31]

Now price is reached $5800 so what do you think about this is still bull trap? i don't think so bevause we are now in the bull run we need to believe again to the bitcoin and always be positive and think about bitcoin how to increase more. People still undecided until now if they are now in the bull run or still bull trap. But better to believe now in bitcoin and spread it to other who leave before so they come back again to increase more the market.

[Herbert2020]

no, this alone is not the uptrend. the "uptrend" is all the rises that we had in the past 2 months and we will continue to have for the coming 2 years. there is no "bull traps" anymore because we are already in a bull market and any tracing back is only going to be a simple correction as it has been the case with all the small drops that we had ever since price started rising up from $3100.
the $5700 is no different either, we are testing the resistance close to $6k and that requires some small drops before it breaks out and goes to $6500