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

[adaseb]

I think most people either sold or hedged their Bitcoins right before it hit $5800 (which is strong resistance) and now that its in this area they don't know what to do. Do they cover and hope that BTC will eventually reach a new ATH, or do they hold their hedge/short and use a huge stop loss somewhere way above the $6000 area and hope not to get stopped out.

There are many people who are bullish right now, and since we are at a critical resistance level, its not a good sign. However the market was pretty strong recently so there is a chance we might get more upside to the $6000 area.

[figmentofmyass]

There are many people who are bullish right now, and since we are at a critical resistance level, its not a good sign. However the market was pretty strong recently so there is a chance we might get more upside to the $6000 area.

everyone seems bullish so i'm pretty weary at this point. i've closed my longs. (although i'm too conservative to short quite yet)

looks like we're still bull flagging here on the hourly. indeed, i'm pretty surprised at the bulls' resilience at this level since we're right below a major resistance level.

[bitbunnny]

I think most people either sold or hedged their Bitcoins right before it hit $5800 (which is strong resistance) and now that its in this area they don't know what to do. Do they cover and hope that BTC will eventually reach a new ATH, or do they hold their hedge/short and use a huge stop loss somewhere way above the $6000 area and hope not to get stopped out.

There are many people who are bullish right now, and since we are at a critical resistance level, its not a good sign. However the market was pretty strong recently so there is a chance we might get more upside to the $6000 area.

Yes, there is a good chance for price to reach 6000$ in the upcoming period. However, it seems that is still kind of struggling and fluctuating back and fiorth so at the end it might happen that crossing 6000$ might be harder than expected. At this moment I'm not expecting too much and the option for price to get under 5000$ is still open.

[Kelvinid]

Still have doubts in our mind, thinking for the current flow as a bull trap or will go for the most awaited part of crypto which is bull run.
I've never think that this will be a trap but it is the market in recovery. Yes, we are not getting far and to say that finally we are in bull run but I'm a little bit contented of what it shows recently.

[wuvdoll]

We really don't know which one is it do we. How can we really know which one we are in without actually it happening, price of bitcoin is something like that, you can't predict it before hand, you can only look back and make a comment on what it was after the fact. That is why when asked about what we are in right now it is futile because nobody even the most experienced person can know about it only after it really happened. If we are in either of those things a month from now we can look back and say we were in this or that.

Bitcoin seems to be doing alright though, even if this is a bull trap I welcome it because the price went up much more than what we assume it would and even if it goes down I doubt it will go down too much so I am happy with whatever has happened.

[lupinvn]

Still have doubts in our mind, thinking for the current flow as a bull trap or will go for the most awaited part of crypto which is bull run.
I've never think that this will be a trap but it is the market in recovery. Yes, we are not getting far and to say that finally we are in bull run but I'm a little bit contented of what it shows recently.

Yeah, I'm still worry about what cryptos have done recently. TBH, I'm not very well in analyse the Price's Chart or news, but after 2 recent days, the price is crazy and changes very fast (I mean Bitcoin has increased and down in about 2-3% in just few hours). Thats why I have to ask everyone ideas because I'm really want to "all in" this time. Lol

[FanEagle]

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.

They like attaching market increase to BULL TRAP a lot, I cannot even really seems to figure out what we want from Bitcoin and how we want bitcoin achieve the value we have been speculating, if at this little increase that is nothing for the Bitcoin community to push the price to with their constant investment, we still call it BULL TRAP.

Market is just simply growing fine and we already know that the movement will not be like that of 2017, the BULLS we need are already in the market, but they will not pump money at once like in 2017, so it is gradually they will keep investor more in the market and as they use the crypto system too for other things, we should expect to be seeing these type of increase from time to time.

[1Referee]

There are many people who are bullish right now, and since we are at a critical resistance level, its not a good sign. However the market was pretty strong recently so there is a chance we might get more upside to the $6000 area.

It all depends on whether or not there is enough momentum to keep pumping. Back in 2017 every $500-$1000 increase people were calling tops, pointing at how overly bullish everyone is, and the market didn't give a shit. If this is somewhat similar, we could end up going well over that $6000 level and start correcting at a level most people here don't have a clue about.

I am still short at the moment, but I'm feeling less confident about it now. I can however leave it open because the leverage is so low that I don't worry about it being liquidated.

[Oceat]

I don't see any sign that it is a bulltrap since i've seen a bulltrap before but i don't want to the possibility that it is still a bulltrap. But haven't you guys thought that this is the time of Bitcoin to break again another resistance? I mean, it stays its stable price for almost a month and now it is moving up to another level of stable price.

[StarofBTC]

The rise in the price of BTC could be attributed to a lot of factors, but we don’t know exactly what yet contributed to this increase same as what happened last month, everything has just been speculation, just like I read yours now, it was totally another reason giving by another analyst, I learnt it was as a result of some transactions that could not go successfully on bifinex, which they had to buy BTC first to be able to carry out the transaction successfully.

Anyway, whatever the cause may be, there will be lots of factors over the year that will lead to increase in value of BTC, we had one already last month, one has already done the present one and I expect more factors soon to take the price to next level of $6500.

[BitHodler]

I don't see any sign that it is a bulltrap since i've seen a bulltrap before but i don't want to the possibility that it is still a bulltrap. But haven't you guys thought that this is the time of Bitcoin to break again another resistance? I mean, it stays its stable price for almost a month and now it is moving up to another level of stable price.

It's easy to discard the possibility of a bull trap when the price has consistently made higher highs for over a month. The euphoria that comes with it makes people feel overly confident, and that in a bear market is dangerous.

The positive side to this rally is that the real fiat to BTC volumes have actually increased, and that's something we haven't seen in a very long time. All we saw before was fake volumes increase rapidly, but that changed now.

I find it a good move from Coinmarketcap to remove exchanges reporting fake volumes. Currently they're going after the most obvious volume faking exchanges, but for now that's a decent enough first step in the right direction.

[upsidedown75]

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.

Bull trap or not, bitcoin has already formed the path of increasing lowly and gradually, and I think this price is too immature for it to be a bull trap, we already know what led to the increase in price, I mean the tether and bitfinex case, so I think we are still in safe haven, although we might see a retrace, but won’t be because of manipulation of whales.

For the next few months, we will still have more of these factors that will continue to help us gradually grow the value of bitcoin that will keep the market completely out of the red zone in preparation for the bulls to really come in, because it is when the market becomes fully green that we will earn the confidence of the healthy bulls.

[Bagaji]

Well, in my opinion I see the current market trend as an upward trend which I believe will continue to grow from in the coming weeks and months except if there is any negative information about the crypto currency market strong enough to pull the market on a downward trend.

[JeffBrad12]

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.

Those people have sold their portfolios when bitcoin reached the bottom price and i have seen so many weak hands have told me if they have sold their crypto portfolios. I can confirm your answer if this is not a bulltrap consider some bad news have already published by some media but the price of bitcoin keeps bullish right now. The bulltrap has already passed in the last month and we are in the right way to go to the moon again. I have prepared my seat belt in my rocket with bitcoin. anyone with me? 

[leowonderful]

Looks pretty good so far considering the several attempts bears have made to dump back down have been bought right back up, and we haven’t fallen far from where we pumped on our first attempt to 5900. RSI on the 1 day seems overbought and selling pressure is still everywhere given this is a major resistance zone, but this does have a chance of breaking through 6K, although I am personally considering putting in a medium leverage short at the moment.

[BeGoods]

Still have doubts in our mind, thinking for the current flow as a bull trap or will go for the most awaited part of crypto which is bull run.
I've never think that this will be a trap but it is the market in recovery. Yes, we are not getting far and to say that finally we are in bull run but I'm a little bit contented of what it shows recently.

Yeah, I'm still worry about what cryptos have done recently. TBH, I'm not very well in analyse the Price's Chart or news, but after 2 recent days, the price is crazy and changes very fast (I mean Bitcoin has increased and down in about 2-3% in just few hours). Thats why I have to ask everyone ideas because I'm really want to "all in" this time. Lol

in my opinion, bitcoin hasn't reached a bullish level, because if that happens. we know how much the price should have been at this time, of course it's already quite high. and I also don't think it's a bull trap, many people make a profit from the price changes that exist, and several times the price falls but goes back up, its uptrend for me

[El duderino_]

Its always a trap as BULL-as-BEAR-trap 

But the long term trend is just one big BEAR-trap for all us BULLs to  feast on ...

[perla]

If me i will look it is stable or not, because bulltrap will move market price very fast and then in short time it will dumped again. That is my personal opinion, actually i don't know how people call bull trap or maybe bear trap.

[lupinvn]

[Update]
Oh Sh**, the price has rose up to more than 6000$ (in Binance Exchange) before gone down to $5k8. I see the pattern is really similar to its chart in 2016 and 2017. In my opinion, I have a strong belief that, in the end of 2020, the price of Bitcoin may be reach the peak at 30.000$ for sure. So, to the question I ask in this topic, I think this is a start of Uptrend time. lol   

[Slow death]

Everyone feel happy and energetic while Bitcoin has increased to over 5.700 USD last 24 hours

for a few moments we managed to reach the $6000



Bitcoin Inches to $6,000 While US Stocks Drop

the price is increasing gradually, and this is very good

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.

 

[tomahawk9]

[Update]
Oh Sh**, the price has rose up to more than 6000$ (in Binance Exchange) before gone down to $5k8.

Saw that as well. Makes me think that we might need to consolidate around 5.8k and above for a bit before going for another push to actually break the 6k barrier and stay in there, because it looks like we'll touch 6k in other exchanges very soon (later today maybe?), but seeing how Binance couldn't hold the 6k, it's very likely that we'll see the same pattern in other exchanges.

[Lanatsa]

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.

Usually on triple peaks model on technical analysis does really signify market reversal but this wont really be a guaranteed thing to happen anytime on crypto.
About on your insight of IEO reason,we wont able to say that it is a main factor but somehow its plausible.People did realize that IEO are failures? I do already
make some warning before on about that matter but i dont see this is the main reason.For now we cant conclude if this is already a reversal or just a bull trap.

[figmentofmyass]

Everyone feel happy and energetic while Bitcoin has increased to over 5.700 USD last 24 hours

for a few moments we managed to reach the $6000

only on the tether chart, or bitfinex. tether is trading 1% higher than everywhere else and bitfinex 5-6% higher. all the legit exchanges like stamp and kraken topped out at $5975 or below.

good recovery from the overnight dump though, so maybe we'll see another attempt at $6k soon. tough to say what happens in the short term but i do think price will be much lower than this in a few weeks. a stab back into the $4000s.....

[StarofBTC]

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.

Those people have sold their portfolios when bitcoin reached the bottom price and i have seen so many weak hands have told me if they have sold their crypto portfolios. I can confirm your answer if this is not a bulltrap consider some bad news have already published by some media but the price of bitcoin keeps bullish right now. The bulltrap has already passed in the last month and we are in the right way to go to the moon again. I have prepared my seat belt in my rocket with bitcoin. anyone with me?  

So many methods the bear have used to keep pushing down the price of Bitcoin in the last few weeks and yet bitcoin keeps charging up in price, I think we are already heading straight to the point where the bulls will take absolute charge of the market, once we successfully overcome the retrace we settle finally on $6000.

I sense lots of actions arising through this value ($6k), especially actions from the bull and actions from people that will FOMO. So no more panicking for me, bitcoin movement now, is more reliable and I can confidently change some of my fiat again to bitcoin, because it is certain that more increase will occur before this month runs out.

[lupinvn]

News Update, HACKERS STOLE $40 MILLION FROM BINANCE CRYPTOCURRENCY EXCHANGE. And yes, the price witnessed a dramatically fall after that terrible fud. But again, CZ has done very well during crisis, Bitcoin's price is now stable at around $6-6,1k, thats sound great. But on another hand, do someone think that the hacker thing just a fake news so that traders would panic and sold their fund in low price and Binance's team buy them all. lol

[lupinvn]

Unexpectedly, just over 10 days have passed since this thread was created, the value of Bitcoin has hit huge milestones. Not only did it break its peak within the last 5 months, Bitcoin also went further to more than 8,000 USD. Hopefully this will be one of the positive signals for the upcoming market!

[Harlot]

The day that BTC has broken the 6,000$ and the 7,000$ key resistances  only show that this ain't a bull trap but a bullish reversal already the only thing out of the way is how will this up trend hold for how long? In my honest opinion BTC has been moving up really fast compared to the ideal scenario I was lookinv for whoch is a steady up trend. Fast movements like this tends to take a lot of market confidence thus making another bearish reversal inevitable. I won't expect that this up trend will attempt to go another ATH since BTC is acting like it was in 2017 where aggressive pumps lead to scary falls.